奎斯特诊断（DGX）：管理层午餐会要点

Tycho Peterson * | Equity Analyst+1 (212) 738-5583 | tpeterson2@jefferies.comMatthew Stanton * | Equity Analyst(615) 963-8397 | mstanton@jefferies.comNoah Kava * | Equity Associate+1 (212) 323-3939 | nkava@jefferies.comLauren Timmins, Ph.D. * | Equity Associate+1 (929) 237-2038 (mobile) | ltimmins@jefferies.comJack Melick, CPA * | Equity Associate+1 (617) 345-8671 | jmelick@jefferies.comPriya Patel * | Equity Associate+1 (332) 204-0140 | ppatel5@jefferies.com Company DescriptionQuest DiagnosticsQuest Diagnostics provides diagnostic insights from the results of its laboratory testing to empower people, physicians, and organizations to takeactions to improve health outcomes. Through collaborating with healthcare providers and partners in offering an industry-leading menu of testingservices, the Company derives an industry-leading data set, which it leverages to improve population health and enable value-based care.Company Valuation/RisksQuest DiagnosticsOur $195 PT is based on ~12.5x '25 EBITDA and our DCF estimates. Risks: Market share gains from independent & regional labs are less than expected;pricing pressure.Analyst Certification:I, Tycho Peterson, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Matthew Stanton, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Noah Kava, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Lauren Timmins, Ph.D., certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Jack Melick, CPA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Priya Patel, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receives compensationbased in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, but various regulationsmay prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervalsas appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedExplanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below $10 is 20% or more within a 12-month period as these companies are typically more volatile than the overall stock market. For Hold rated securities with an average security price consistentlybelow $10, the expected total return (price appreciation plus yield) is plus or minus 20% within a 12-month period. For Underperform rated securities with anaverage security price consistently below $10, the expected total return (price appreciation plus yield) is minus 20% or less within