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ABC

AmerisourceBergen

$79.15

-1.18 (-1.47%)

, PMC

PharMerica

$28.90

-0.05 (-0.17%)

15:40
08/09/17
08/09
15:40
08/09/17
15:40

AmerisourceBergen settlement ups odds of PharMerica switch, says Baird

Baird analyst Eric Coldwell said AmerisourceBergen's (ABC) 10-Q last week showed that the company and PharMerica (PMC) have tentatively agreed to settle their long-running legal fight, which he reads as significantly increasing the odds of AmerisourceBergen displacing incumbent Cardinal Health (CAH) after KKR (KKR) and minority investor Walgreens (WBA) complete their deal to buy PharMerica. Coldwell has a Neutral rating and $89 price target on AmerisourceBergen shares.

ABC

AmerisourceBergen

$79.15

-1.18 (-1.47%)

PMC

PharMerica

$28.90

-0.05 (-0.17%)

CAH

Cardinal Health

$67.97

-1.37 (-1.98%)

KKR

KKR

$19.00

-0.52 (-2.66%)

WBA

Walgreens Boots Alliance

$81.08

-0.43 (-0.53%)

  • 20

    Sep

  • 21

    Sep

ABC AmerisourceBergen
$79.15

-1.18 (-1.47%)

06/30/17
06/30/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Celgene (CELG) downgraded to Neutral from Buy at BTIG with analyst Dane Leone citing a reduction in Mongersen and Ozanimod estimates. 2. Cara Therapeutics (CARA) downgraded to Neutral from Buy at Janney Capital with analyst Ken Trbovich saying the results of Cara Therapeutics' first placebo-controlled study of oral CR845 do not mean the end to development of the agent for chronic pain, but they also do not allow Cara to advance to a pivotal study next year, as he believes investors were expecting. 3. AmerisourceBergen (ABC) downgraded to Neutral from Buy at BofA/Merrill with analyst Steven Valiquette saying AmerisourceBergen is up 20% year-to-date but believes further upside will be difficult as data indicates generic pricing deflation accelerated in May. 4. RE/MAX Holdings (RMAX) downgraded to Underperform from Neutral at BofA/Merrill. 5. Vipshop (VIPS) downgraded to Hold from Buy at Deutsche Bank with analyst Alan Hellawell saying he has "competitive pressure and growth concerns" with June seeing industry-wide discounting. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
07/13/17
FBCO
07/13/17
NO CHANGE
Target $105
FBCO
Outperform
AmerisourceBergen price target raised to $105 from $95 at Credit Suisse
Credit Suisse analyst Erin Wilson Wright raised her price target for AmerisourceBergen to $105 from $95 to be more in line with the distributor group average. The analyst reiterates an Outperform rating on the shares.
08/02/17
LEER
08/02/17
NO CHANGE
LEER
AmerisourceBergen may benefit from PharMerica takeover, says Leerink
Leerink analyst David Larsen believes AmerisourceBergen (ABC) could benefit from KKR's (KKR) buyout of PharMerica (PMC). KKR and Walgreens Boots Alliance (WBA), which uses AmerisourceBergen as a supplier, are forming a new private company which would hold PharMerica, Larsen tells investors in a research note. He believes PharMerica may switch away from its current supplier Cardinal Health (CAH) as a result of today's deal and use AmerisourceBergen. Any potential change in distributor contracts would likely occur in the second half of 2018, the analyst adds.
08/07/17
LEER
08/07/17
NO CHANGE
Target $90
LEER
Outperform
AmerisourceBergen price target lowered to $90 from $100 at Leerink
Leerink analyst David Larsen lowered his price target for AmerisourceBergen to $90 from $100 noting that while its Q3 earnings results were largely in-line with consensus and guidance, the stock has sold off due to a lack of clarity around guidance for 2018. Nonetheless, the analyst reiterates an Outperform rating on the shares.
PMC PharMerica
$28.90

-0.05 (-0.17%)

08/02/17
KEYB
08/02/17
DOWNGRADE
KEYB
Sector Weight
PharMerica downgraded to Sector Weight from Overweight at KeyBanc
PharMerica (PMC) has agreed to be acquired by a newly formed company controlled by KKR (KKR), with Walgreens Boots Alliance (WBA) as a minority investor, for $29.25 in cash per share.
08/03/17
BRRR
08/03/17
DOWNGRADE
BRRR
Underperform
PharMerica downgraded to Underperform from Outperform at Barrington
Barrington analyst Michael Petusky double downgraded PharMerica (PMC) to Underperform saying other takeover bidders are unlikely to emerge. The analyst suggests redeploying proceeds into Tivity Health (TVTY), Primo Water (PRMW), U.S. Physical Therapy (USPH) and OPKO Health (OPK).
08/04/17
FBCO
08/04/17
DOWNGRADE
FBCO
Neutral
PharMerica downgraded to Neutral from Outperform at Credit Suisse
Credit Suisse analyst Erin Wilson Wright downgraded PharMerica (PMC) to Neutral from Outperform, citing the company's agreement to be acquired by a newly formed company controlled by KKR (KKR), with Walgreens Boots Alliance (WBA) as a minority investor.
CAH Cardinal Health
$67.97

-1.37 (-1.98%)

05/17/17
05/17/17
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. CoreSite Realty (COR) initiated with a Market Perform at Wells Fargo. 2. Acceleron (XLRN) initiated with a Sell at Goldman Sachs. 3. Cardinal Health (CAH) initiated with a Hold at Jefferies. 4. Concho Resources (CXO) assumed with an Overweight at Piper Jaffray. 5. Triangle Capital (TCAP) initiated with a Buy at Wunderlich. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
07/03/17
BARD
07/03/17
NO CHANGE
Target $75
BARD
Neutral
Cardinal Health confirms deal to buy Liberty Medical, says Baird
Baird analyst Eric Coldwell said that Cardinal Health has confirmed a deal to buy Liberty Medical, a direct-to-patient provider of diabetes supplies and products that is well known for its commercials featuring actor Wilford Brimley. The small deal, which is immaterial to his model, enhances Cardinal's direct-to-patient platform primarily in diabetes and likely also adds volume in ostomy and urology, Coldwell tells investors. He keeps a Neutral rating and $75 price target on Cardinal Health shares.
07/13/17
FBCO
07/13/17
NO CHANGE
Target $87
FBCO
Outperform
Cardinal Health price target raised to $87 from $81 at Credit Suisse
Credit Suisse analyst Erin Wilson Wright raised her price target for Cardinal Health to $87 from $81 given the company's recent acquisition of Medtronic's patient recovery business. The analyst reiterates an Outperform rating on the shares.
08/03/17
FBCO
08/03/17
NO CHANGE
Target $81
FBCO
Outperform
Cardinal Health price target lowered to $81 from $87 at Credit Suisse
Credit Suisse analyst Erin Wilson Wright lowered her price target for Cardinal Health to $81 from $87, citing on a "surprising" cut to 2018 EPS guidance primarily on incremental investment initiatives across its businesses, further defining 2018 as a transition year. The analyst reiterates an Outperform rating on the shares.
KKR KKR
$19.00

-0.52 (-2.66%)

04/17/17
04/17/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Eli Lilly (LLY) was downgraded to Equal Weight from Overweight at Morgan Stanley and to Underperform from Market Perform at BMO Capital. 2. Incyte (INCY) downgraded to Neutral from Overweight at Piper Jaffray with analyst Joshua Schimmer citing the complete response letter from the FDA for baricitinib, indicating a need to determine appropriate doses. This setback could take years and lead to approval of only the lower dose, leaving potentially little differentiation from Pfizer's (PFE) rheumatoid arthritis treatment Xeljanz," Schimmer tells investors in a research note. The analyst prefers to wait for a "cleaner entry point" into the shares. 3. KKR (KKR) downgraded to Neutral from Buy at Citi with analyst William Katz saying he views the stock's valuation relative to peers as less attractive at current levels. 4. Monster Beverage (MNST) downgraded to Buy from Conviction Buy at Goldman Sachs with analyst Judy Hong saying she expects shares to be range-bound near-term due to soft core Monster sales trends in the US. 5. PNC Financial (PNC) downgraded to Hold from Buy at Rafferty Capital with analyst Richard Bove saying bank stock valuations are too high and growth is lacking. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
05/09/17
PIPR
05/09/17
NO CHANGE
Target $18
PIPR
Overweight
Pandora sale path accelerated with KKR investment, says Piper Jaffray
Piper Jaffray analyst Stan Meyers believes Pandora's (P) path towards a potential sale has accelerated following KKR's (KKR) strategic investment. The analyst also expects Pandora's margins in its core radio business to continue improving. He remains "upbeat" on the shares with an Overweight rating and $18 price target.
05/09/17
NEED
05/09/17
NO CHANGE
Target $16
NEED
Buy
KKR adds $5 per share to Pandora value, says Needham
Noting that Pandora (P) announced it had raised $150M by selling a 5-year, 8% convertible preferred security to KKR (KKR), Needham analyst Laura Martin calculates that adding KKR to the Pandora story adds $5 per share to the latter's value, implying that it should trade up to $15 per share on the news over time. The analyst believes KKR provides a financial safety net, and expects KKR's exit time frame to be 5 years, giving public shareholders a clearer exit path. She reiterates a Buy rating and $16 price target on Pandora's shares.
07/25/17
LEER
07/25/17
DOWNGRADE
Target $66.5
LEER
Market Perform
WebMD downgraded to Market Perform from Outperform at Leerink
Leerink analyst David Larsen downgraded WebMD (WBMD) to Market Perform from Outperform after the company announced that it has entered into a definitive agreement to be acquired by Internet Brands, a KKR (KKR) portfolio company, in a transaction valued at about $2.8B. The analyst also raised his price target on WebMD's shares to $66.50 from $60.
WBA Walgreens Boots Alliance
$81.08

-0.43 (-0.53%)

06/30/17
06/30/17
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Cabot Oil & Gas (COG) upgraded to Buy from Neutral at BofA/Merrill with analyst Doug Leggate saying Cabot 's gross Marcellus takeaway capacity will increase to 3.7 bcf/d from 2bcf/d by end of 2018 and positioned to increase free cash flow to $2B from $872M per year for 25 years. 2. Becton Dickinson (BDX) upgraded to Strong Buy from Outperform at Raymond James with analyst Lawrence Keusch saying he believes it should be a core holding based an an above average outlook for 5%-6% organic growth and mid-teens earnings increases with further potential upside. 3. Walgreens Boots Alliance (WBA) upgraded to Buy from Hold at Needham. 4. ManTech (MANT) upgraded to Buy from Hold at Loop Capital with analyst Joseph Vafi saying he sees "company-specific and secular catalysts" driving improving fundamentals and upward revisions to consensus estimates. 5. D.R. Horton (DHI) upgraded to Outperform from Market Perform at Raymond James with the firm saying it is uniquely positioned to capitalize on an unexpectedly tight and historically low existing home inventories, while new home demand remains broadly resilient despite rising prices. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
07/17/17
NEED
07/17/17
NO CHANGE
Target $94
NEED
Buy
340B exposure a non-issue for Walgreens Boots Alliance, says Needham
Needham analyst Kevin Caliendo notes that CMS proposed a cut to hospital outpatient reimbursement for the purchase of specialty drugs under the 340B program. The analyst believes Walgreens Boots Alliance has the largest exposure to 340B plans. However, the company said that 340B represented less than 1% of total U.S. pharmacy Rxs for the company, Caliendo adds. He reiterates a Buy rating and $94 price target on the shares.
07/20/17
LEER
07/20/17
NO CHANGE
Target $86
LEER
Outperform
Walgreens, Rite Aid deal still facing 'significant hurdle,' says Leerink
Leerink analyst David Larsen says that even though Walgreens Boots Alliance (WBA) and Rite Aid (RAD) restructured their transaction, he still believes it will be difficult to receive FTC approval. Although the asset purchase agreement may address local market concerns, the FTC will still focus on "national markets" and a declining Rite Aid might actually be another headwind, he argues. Larsen reiterates an Outperform rating and $86 price target on Walgreens' shares.

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Thermo Fisher

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SMBC

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Icahn Enterprises

$50.00

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NVTA

Invitae

$9.60

0.05 (0.52%)

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NVTA

Invitae

$9.60

0.05 (0.52%)

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MU

Micron

$30.38

0.76 (2.57%)

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INSY

Insys Therapeutics

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AKTX

Akari Therapeutics

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Jamba

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Target

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NBEV

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ATW

Atwood Oceanics

$6.26

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, ESV

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