UPDATE: Goldman Sachs Downgrades McKesson (MCK) to Neutral
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(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.
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