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Quest Diagnostics Inc DGX

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Economic Moat




Quest Diagnostics Rides COVID-19 Wave; We've Raised Our Fair Value Estimate

Debbie S. Wang Senior Equity Analyst

Analyst Note

| Debbie S. Wang |

Quest Diagnostics reported second-quarter results that exceeded our expectations on several angles, and we’ve raised our fair value estimate to $130 per share, up from $108, after adjusting our expectations for the remainder of 2020 and into 2021. We remain confident in the firm’s narrow economic moat. If the pandemic-generated disruption to the industry ends up accelerating the closure of smaller labs due to financial distress, this could be an opportunity for Quest to acquire some attractive additions to its network of labs.

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Company Profile

Business Description

Quest Diagnostics is a leading independent provider of diagnostic testing, information, and services in the U.S. The company generates over 95% of its revenue through clinical testing, anatomic pathology, esoteric testing, and substance abuse testing with specimens collected at its national network of 2,000 patient service centers, as well as multiple doctors offices and hospitals. The firm also runs a diagnostic solutions segment that provides clinical trials testing, risk assessment services, and information technology solutions.

500 Plaza Drive
Secaucus, NJ, 07094
T +1 973 520-2700
Sector Healthcare
Industry Diagnostics & Research
Most Recent Earnings Jun 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type Slow Growth
Employees 47,000