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Fly News Breaks for November 16, 2018
CAH
Nov 16, 2018 | 07:03 EDT
Leerink analyst David Larsen downgraded Cardinal Health to Market Perform from Outperform and lowered his price target to $55 from $60. In a research note to investors, Larsen says that a recent MEDACorp survey shows that the level of distributor RFP activity may be increasing, which could lead to more pricing pressure, and that survey data shows that a significant portion of Cardinal clients do not view Cardinal as being the most competitively priced. In addition, Larsen believes that Cardinal is heavily dependent on January price increases which may disappoint, the company's Medical Division continues to face major persistent challenges from Cordis, and the core Medical business itself also seems to have slowed.
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