2256 GMT - Morgans lifts its forecast for Sonic Healthcare's FY22-FY24 underlying profit by around 17%, as it now sees a shallower decline in demand for Covid-19 tests. The investment bank now expects PCR testing volumes to fall to 20M in FY22, from 30M in FY21. Previously it had foreseen a fall to 18M tests. Morgans also projects smaller declines in FY23 and FY24. "We forecast Covid testing represents between 10-23% of operating income through FY 2024," says Morgans, which rates Sonic at add. (david.winning@wsj.com; @dwinningWSJ)
Sonic's Covid Testing Volumes Set for Shallower Decline -- Market Talk
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