UPDATE: Goldman Sachs Downgrades McKesson (MCK) to Neutral
- Wall Street rises as energy, financial stocks gain
- Bernstein's Sacconaghi Sees Stronger Apple (AAPL) iPhone ASPs
- Fed may change stress tests, capital buffers for U.S. banks: Yellen
- BlackBerry (BBRY) Tops Q2 EPS by 5c; Will End Internal Hardware Development; Boosts FY17 Outlook
- Exclusive: CBS, Viacom controlling shareholder to call on companies to merge - sources
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
(Updated - September 16, 2016 8:35 AM EDT)
Goldman Sachs downgraded McKesson (NYSE: MCK) from Buy to Neutral with a price target of $189.00 (from $210.00). Analyst Robert P. Jones sees moderating brand pricing.
"The moderation in brand pricing presents an additional risk to an already low earnings growth year for MCK, adding to headwinds faced from generics, M&Arelated contract losses, and FX. While these headwinds are known and some may argue priced in, we struggle to find compelling upside earnings drivers outside of unknown M&A or capital deployment. We continue to see relative valuation as supportive; MCK at a -13%/-31% discount to peers/S&P vs. -6%/-3% 5-year average," wrote the analsyt.
Shares of McKesson closed at $168.97 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: UBS Upgrades Hi-Crush Partners LP (HCLP) to Neutral
- Evercore ISI Cuts Price Target on North Atlantic Drilling Ltd. (NADL) Following Epsilon Terminaton
- Benchmark Raises Price Target on Take-Two Interactive Software (TTWO) to $51.79
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View, Analyst PT Change, Downgrades
Related EntitiesGoldman Sachs, Standard & Poor's, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!