Evercore ISI analyst Elizabeth Anderson reiterated an Outperform rating and $420.00 price target on Cencora Inc (NYSE: COR)

The analyst commented, "We see today’s transaction as another positive step for COR as it adds heft to its retina platform. In 2022, the business had >$600 MM in revs and ~$75 MM in EBITDA. Assuming it grew revenue at a HSD rate since then with LDD-low teens EBITDA margins, the price paid is ~10x 2026 estimated EBITDA. This lower price paid makes sense given the lower drug mix for ophthalmology (for more details see p.78-79) and likely lower % services mix. This likely makes COR a better owner of this asset given its ability to potentially increase services going forward. Accretion-wise, we see the transaction as potentially ~10c accretive on a 12-month basis, with management’s estimate of slightly accretive as prudent."

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Shares of Cencora Inc closed at $326.91 yesterday.