Sonic Healthcare (SHL) upgraded to Buy from Neutral by UBS (B/H/S: 4/4/0)

Sonic Healthcare (SHL) upgraded to Buy from Neutral by UBS (B/H/S: 4/4/0). UBS considers the risk of offshore reform is moderating and Australia's reform risk is contained. The broker observes the sovereign risk hung over Sonic for more than seven years in some form or another and the situation now deserves a review. Historically, the company's model delivers over 30% in incremental margin on new volume but this leverage has been reduced or diluted by unrelenting reforms and cuts. UBS is upgrading to Buy from Neutral on valuation grounds. The price target is raised to $19.00 from $18.00.

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