Cowen reiterated an Outperform rating and $39.00 price target on PharMerica (NYSE: PMC) following the company's 3Q earnings report. PMC reported 3Q adj. EPS of $0.39, ahead of consensus of $0.36. Revenue of $498.8M was up 6% y/y and also beat consensus of $480.3M, driven by recent acquisitions, specialty and brand inflation.

Analyst Charles Rhyee commented, "PMC had a strong 3Q, despite continuing to exit less profitable contracts, which drove scripts down q/q, but improved client mix. With these improvements to the mix now more than 90% behind it, PMC is set up for organic growth in 4Q and through 2016. This makes guidance look conservative, particularly given drivers such as generics, specialty and potential upside from acquisitions."

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Shares of PharMerica closed at $30.55 yesterday.