UPDATE: Citigroup Lowers PT on Quest Diagnostics Following Disappointing 3Q13 Results

In a report published Friday, Citigroup analyst Gary Taylor reiterated a Neutral rating on Quest Diagnostics (NYSE: DGX), but lowered the price target from $64.00 to $60.00.

In the report, Citigroup noted, “DGX previewed disappointing 3Q13 results this morning after mounting a spirited defense of its guidance on its 7/18/13 2Q13 conference call. More recently, on 9/18/13 we hosted a management roadshow in Chicago. The key takeaway from our note was as follows ‘Mgmt is sticking to its 2014 double-digit EPS growth target while maintaining that they've seen no material recent change in industry trends.' Obviously, it's difficult to square these outlooks with the reported results.”

Quest Diagnostics closed on Thursday at $58.66.