UPDATE: Bank of America Reiterates Buy Rating, Raises PT on Cardinal Health on News of AccessClosure Acquisition

In a report published Thursday, Bank of America analyst Robert M. Willoughby reiterated a Buy rating on

, and raised the price target from $75.00 to $76.00. In the report, Bank of America noted, “CAH will acquire AccessClosure, a privately held manufacturer and distributor of extravascular closure devices in U.S. markets, for $320 million in cash (~4x $80 million in annual revenues). The transaction is expected to close by early June, subject to regulatory approval. We maintain our FY14 EPS estimate of $3.80 on a minimal expected near term earnings impact, but we are raising our FY15 estimate to $4.20 (from $4.15) on expected accretion. Our P.O. moves to $76 (from $75).” Cardinal Health closed on Wednesday at $70.28.