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Fly News Breaks for September 14, 2017
ABC
Sep 14, 2017 | 06:26 EDT
Morgan Stanley analyst Ricky Goldwater downgraded AmerisourceBergen (ABC) and McKesson (MCK) to Equal Weight from Overweight saying EBIT growth is at risk from increased generic price inflation and a record number of generic drug approvals in the next two years. Goldwater changed his thesis and does not believe pricing pressure will abate soon due to continued generic deflation and increased customer access to pricing information. He thinks it is increasingly likely that one or more distributors "blinks" on price, hurting economics. Goldwater lowered AmerisourceBergen's price target to $91 from $94 and McKesson's price target to $172 from $184.
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