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Fly News Breaks for March 22, 2016
ANTM, ESRX
Mar 22, 2016 | 09:46 EDT
Morgan Stanley analyst Ricky Goldwasser lowered his price target on Express Scripts (ESRX) to $67 from $73 after Anthem (ANTM) announced yesterday that it has filed a lawsuit against the pharmacy benefit manager to recover damages for alleged overcharging. Anthem is seeking $15B from Express, noted Goldwasser, who added that his base case now assumes that the companies will not renew their deal when it expires in 2019. In a bear case scenario, Anthem could terminate its deal with Express before 2019, Goldwasser tells investors in a research note. The analyst keeps an Equal Weight rating on Express Scripts shares.
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