J.P. Morgan Reiterates Overweight Rating, $45 PT on Omnicare Following Day 4 of OCR Week

In a report published Thursday, J.P. Morgan analyst Lisa C. Gill reiterated an Overweight rating and $45.00 price target on

. In the report, J.P. Morgan noted, “As part of OCR Week, today we focus on reimbursement in OCR's LTC pharmacy business. While there continues to be some ongoing risk around reimbursement, we don't believe it is likely to have a significant impact on the near term outlook, and remain bullish on OCR as we expect solid earnings growth going forward, driven by the ongoing turnaround, improving beds/script volumes, generics, specialty, efficiencies, and strong cash flows (providing flexibility for acquisitions and share buybacks). We will host a call today at 11am ET with John Workman, CEO of OCR, where we will discuss current industry dynamics and the company's strategy. Nitin Sahney, President and COO will also participate.” Omnicare closed on Wednesday at $47.97.