Express Scripts (ESRX) PT Lowered to $59 at Evercore ISI

Evercore ISI lowered its price target on Express Scripts (NASDAQ: ESRX) to $59.00 (from $68.50) while maintaining a In Line rating.

Analyst Ross Muken commented, "Given the size / scope of the questions outstanding regarding ESRX’s business model, we see valuation as likely in flux in the near term as bears point to likely continued client bleed/smaller scale (<8x EBITDA?), while bulls highlight the continued strong FCF (>9x EBITDA?). Until we get some clarity on the performance of the business going forward, we view the stock as likely to bounce around $55-60 range and reiterate our In-line rating."

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