In a report published Friday, Morgan Stanley analyst Ricky R. Goldwasser upgraded the rating on McKesson Corporation MCK from Equal-Weight to Overweight, and named a $177.00 price target.
In the report, Morgan Stanley noted, “High confidence in MCK achieving and potentially exceeding synergy targets. LT synergy guidance embeds ~3-4% in generic sourcing savings based on our estimates as compared with savings of ~5% for WAG/AB, leaving room for upside from the potential for accelerated timing/greater benefit. Market in our view still underestimates strategic value of NorthStar, which gives MCK an advantage and greater control of sourcing vs. peers and could drive incremental benefit.”
McKesson Corporation closed on Thursday at $150.00.
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