UPDATE: Oppenheimer Raises PT on Express Scripts Holding Company on Strong FCF

In a report published Wednesday, Oppenheimer reiterated its Outperform rating on Express Scripts Holding Company ESRX, and raised its price target from $60.00 to $62.00. Oppenheimer noted, “After opening up ~7%, ESRX gave back much of its gains, despite what we considered a fairly benign call. We believe the market is focused on increased competition and ensuing pricing pressure. While we harbor the same concerns, we believe the competitive landscape is less threatening with UNH and CTRX than when MHS was pricing to fill its mail facilities. In terms of 2014, we expect CTRX to pick off a few clients but do not see a major shift in share. We also believe the company's strong cash flow will support double digit EPS growth. We reiterate our Outperform rating and increase our PT to $62 from $60.” Express Scripts Holding Company closed on Tuesday at $56.98.