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Fly News Breaks for October 28, 2016
MCK
Oct 28, 2016 | 08:05 EDT
As previously reported, Leerink analyst David Larsen downgraded McKesson to Market Perform from Outperform after the company reported worse than expected Q2 EPS and reduced 2017 EPS guidance. The analyst believes the company's fundamentals are deteriorating, given a significant slowdown in brand inflation, far less generic inflation, a slowdown in the value of generic launches, a more competitive pricing environment, a business model where manufacturers are demanding more economics, company specific headwinds, and a lack of transparency on earnings. He also lowered his price target on the shares to $160 from $230.
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