UPDATE: Bank of America Reiterates Underperform Rating, Raises PT Ahead of 4Q14 EPS

In a report published Tuesday, Bank of America analyst Robert M. Willoughby reiterated an Underperform rating on

, and raised the price target from $160.00 to $165.00. In the report, Bank of America noted, “Rebounding profitability in MCK's core drug wholesaling operations, traction for its ancillary franchises, and capital deployment initiatives should drive industry-leading earnings growth over a leaner infrastructure. However, at valuation highs following the announcement of its Celesio acquisition, we see more attractive investment opportunities elsewhere.” McKesson Corporation closed on Monday at $174.23.