Omnicare (OCR) Shares Down 7+%; JPMorgan Says Buy the Dip

June 11, 2012 12:17 PM EDT
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Price: $97.90 --0%

Rating Summary:
    2 Buy, 8 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 24 | Down: 17 | New: 14
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With shares of Omnicare (NYSE: OCR) down more than 7 percent Monday afternoon following unexpected news the company's CEO Figueroa has resigned, JPMorgan's Lisa Gill is telling investors to buy the weakness.

The analyst pointed out Omnicare already has a turnaround plan in place and will probably not make any major changes even with new management. Moreover, Gill said she was optimistic about the promotion of John Workman as interim CEO, as well as Nitin Sahney being named the new COO. The JPMorgan analyst noted Figueroa's resignation was related to personal reasons.

JPMorgan's Gill maintains an Overweight rating and $41 price target on shares of Omnicare. With the stock last trading around $30.92, Gill's price target represents potential upside of about 33 percent.

To track all the market-moving analyst action on shares of Omnicare, visit our Analyst Ratings page.

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