AmerisourceBergen (ABC) PT Lowered to $98 at Cowen

Cowen analyst Charles Rhyee lowered the price target on AmerisourceBergen (NYSE: ABC) to $98.00 (from $101.00) while maintaining a Outperform rating.

Rhyee commented, "We updated our model in accordance with ABC FY19 guidance. We believe that FY19 guidance assumes little to no contribution from PharMEDium, which is now reflected in not only our FY19 estimate but in FY20 and beyond. On the bright side, the fundamentals in Pharma Distribution, aside from PharMEDium, appear on solid footing. We lower our price target to $98, but maintain our Outperform rating."

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