J.P. Morgan Reiterates Overweight Rating on McKesson Following Investor Day
In a report published Thursday, J.P. Morgan analyst Lisa C. Gill reiterated an Overweight rating on McKesson (NYSE: MCK).
In the report, J.P. Morgan noted, “We attended McKesson's annual Investor Day in Boston today where management confirmed FY 2014 guidance of $7.90-$8.20. Additionally management noted that strong economic contributions from both generics and brands drove an unusually strong fiscal Q1 (June 30) ahead of expectations. While nothing new was presented at the Analyst Day, we continue to believe that MCK is well positioned for future growth. Furthermore, we remain confident that this management team will continue its solid track record of execution. Strong relationships across the Rx channel should enable the company to continue to expand relationships with existing accounts, driving medication adherence and the Affordable Care Act (ACA) should continue to grow volumes, and strong cash should enable future accretive uses of cash flow going forward.”
McKesson closed on Wednesday at $115.54.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.