UBS Starts AmerisourceBergen (ABC) at Neutral
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UBS initiates coverage on AmerisourceBergen (NYSE: ABC) with a Neutral rating and a price target of $87.00.
Analyst Michael Cherny commented, "We are initiating coverage of AmerisourceBergen with a Neutral rating and an $87.00 price target. ABC has undertaken a number of strategic shifts under the leadership of Steve Collis, including a significant strategic partnership with Walgreens Boots Alliance (which included the transfer of a ~24% stake in ABC) and the expansion into animal health and compounding. While these moves have driven outsized earnings growth, the near-term outlook due to generic inflation headwinds and the impact of contract re-pricings (notably Kaiser) provide limited earnings upside opportunities, in our view. Therefore we view a fair risk/reward profile for ABC shares at current levels."
Shares of AmerisourceBergen closed at $80.03 yesterday.
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