Buckingham Research Upgrades Omnicare (OCR) to Accumulate
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Buckingham Research upgrades Omnicare (NYSE: OCR) from Neutral to Accumulate. Price target $25.
Buckingham analyst, Claire Mencke, says, "We reviewed our valuation methodology and investment rating for OCR in light of the approximate 20% position in the company taken recently by two activist investment groups...Jana Partners and ValueAct have focused on takeout valuations in a number of their transactions. Most such valuations for OCR based on comparisons with its own past large acquisitions indicate a premium to OCR's current market price...Absent what we see as increased institutional investor interest in higher shareholder value for OCR, and considering only the persistence of certain pressures on the operations of the healthcare provider sector in general and on OCR in particular, we would view fair value at $15 based on a multiple of 7.25x our 2009 EV/EBITDA estimate."
Omnicare, Inc. (Omnicare) is a geriatric pharmaceutical services company. The Company operates in two segments: Pharmacy Services and Contract Research Organization Services (CRO Services). [SM]
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