Health Stocks Face Earnings Chop As Coronavirus Weighs On Second Quarter
Summary
Broadly, he expects earnings from health care stocks to "come in a healthy step above" Wall Street views. "While Abbott didnt attend recent competitor health care conferences, commentary weve heard from other large-cap peers clearly shows a better-than-expected rebound out of Covid-19 lows seen in April and May," Marcus said in a report to clients on Wednesday. Pharma trends appear strong for the second quarter, Credit Suisse analyst Matt Miksic said in his recent note to clients. This makes "the stock attractive for investors concerned about near-term volatility related to rising U.S. hospitalizations and the potential impact on elective surgery trends," he said. "It will likely generate solid Covid-19 testing revenues, but the underlying device and core lab businesses can also face substantially less pressure than originally thought in mid-April during the worst of the NYC outbreak," he said.