UPDATE: Credit Suisse Reiterates Outperform Rating, Lowers PT on Express Scripts Holding Company

In a report published Wednesday, Credit Suisse reiterated its Outperform rating on Express Scripts Holding Company

, but lowered its price target from $68.00 to $65.00. Credit Suisse noted, “Following lower than expected initial comments regarding the 2013 economic and environmental outlook we believe the stock will find an intermediate-term home in the mid-$50 range. We believe that investors will look to grow comfortable with the industry's fundamentals and assess the potential conservatism of management's view on the economy & volumes before shares can move meaningfully higher. While we continue to struggle somewhat to reconcile ESRX's view of the market with the commentary from the company's main competitors and other supply chain peers, we continue to remain bullish on the intermediate-term opportunity for shares given the generic outlook, accretion from the deal synergies, and the strong cash flow characteristics of the business model.” Express Scripts Holding Company closed on Tuesday at $55.18.