Auriga Upgrades McKesson (MCK) to Buy; Raises Price Target
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Auriga upgrades McKesson (NYSE: MCK) to Buy. Price target $48.
Auriga analyst says, "Our upgrade to BUY is based on multiple expansion of the health care IT group, whose stocks have seen strength since the signing of the economic stimulus plan. As the healthcare IT market leader (with 2,000 hospitals using at least one McKesson product), we think McKesson should be a primary beneficiary. The wildcard of course is timing, as the Company provided a revenue outlook for Technology Solutions that is flat year-year. McKesson’s subdued guidance combined with our checks suggest that stimulus buying will not occur until the December quarter at the earliest, with implications for earnings not obvious until well into calendar 2010. That said, judging by the multiple expansion in the group, we believe investors are looking past tepid near-term results and focusing on the big picture"
McKesson Corporation (McKesson) provides supply, information and care management products and services across the healthcare industry.
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