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Morgan Stanley cuts its rating on AmerisourceBergen
ABC to Equal-weight from Overweight on limited catalysts for the company and premium valuation of shares. Price target stays at $34.
Morgan Stanley comments, "Limited earnings upside in CY12, lackluster growth in CY13, and premium valuation to group will cap multiple expansion opportunities. Relative to its distribution peers, ABC shares offer the least upside potential (~3%) from current levels."
ABC closed at $38.81 on Thursday.
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