Deutsche Bank: Management Update Effective Immediately for AmerisourceBergen
In a research report published earlier today, Deutsche Bank reiterated the breaking news that AmerisourceBergen Corp.'s (NYSE: ABC) CFO Mike DiCandilo will leave the company, effective immediately.
Deutsche Bank went on to comment, “We view this as an incremental negative for ABC shares as Mr. DiCandilo was a well‐regarded CFO with a track record of consistent performance and balanced capital deployment. While the company has a deep bench of senior management, this is the second senior level departure over the last year following the retirement of long‐time CEO Dave Yost last summer. While we do not believe this indicates any changes to the core operating strategy, the company's growth headwind related to the specialty generic comp as well as a premium valuation to the peer group causes us to reiterate our Hold rating.”
Deutsche Bank maintains its $41 PT on AmerisourceBergen, which closed Friday at $38.60.
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