Jefferies Reiterates Buy Following Express Scripts' (ESRX) 3Q
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Jefferies reiterated a Buy rating and $88.00 price target on Express Scripts (NASDAQ: ESRX) following the company's 3Q earnings report. EPS of $1.74 was 1c above consensus and was up 21% Y/Y.
Analyst Brian Tanquilut commented, "We're maintaining our Buy on ESRX given our view that its valuation at 10x FY17 P/E does not give credit to its ability to drive double-digit EPS growth (driven by cost cuts and buybacks) and strong FCF. While we acknowledge overhangs from ANTM and drug pricing pressure concerns, we also believe that ESRX's Q3 performance shows mgmt. commitment to offsetting these concerns and enhancing NT shareholder value through operational/cost adjustments and buybacks."
Shares of Express Scripts closed at $70.07 yesterday.
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