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Fly News Breaks for May 19, 2017
May 19, 2017 | 08:23 EDT
Leerink analyst David Larsen views McKesson's earnings beat in Q4 as low quality since most of the upside came from a lower tax rate and lower share count. Excluding these two items, the company would have missed consensus by 4c, Larsen tells investors in a research note. While the initial FY18 earnings outlook looks good, management changed the definition of adjusted earnings, the analyst adds. The analyst believes the earnings outlook of $11.75-$12.45 would have been $1.30 lower had the definition not been changed. The business, however, appears to be stabilizing, Larsen adds. He keeps a Market Perform rating on McKesson with a $140 price target.
News For MCK From the Last 2 Days
Sep 19, 2017 | 10:31 EDT
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Gap (GPS) upgraded to Neutral from Underperform at Credit Suisse analyst Christian Buss saying his firm's brick-and-mortar real estate analysis indicates Gap is better positioned than he thought. 2. Michael Kors (KORS) upgraded to Outperform from Perform at Oppenheimer with analyst Anna Andreeva saying the turnaround in retail is just starting, while sentiment on the shares is "extremely negative." 3. McKesson (MCK) upgraded to Outperform from Neutral at Baird with analyst Eric Coldwell calling his rating change a "tactical/trading call" following the shares' material underperformance, both year-to-date and over the last twelve months. 4. NetApp (NTAP) upgraded to Buy from Neutral at UBS with analyst Steven Milunovich saying NetApp's product position is improved with a re-write of its storage software contributing to all-flash success. 5. Knight-Swift (KNX) resumed with a Buy from Neutral at Citi with analyst Christian Wetherbee saying the truck market recovery appears to be accelerating in the second half of 2017, and Knight-Swift is best levered to an improving truckload market. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
Sep 19, 2017 | 07:38 EDT
RBC Capital analyst George Hill started coverage of McKesson with a $168 price target and a Sector Perform rating.
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