BTIG raised the firm’s price target on BrightSpring Health (BTSG) to $50 from $41 and keeps a Buy rating on the shares. The company is volume-driven, with 31% y/y revenue growth for Pharmacy in Q3, and the firm expects BrightSpring to work through the various policies related to drug pricing in the space, the analyst tells investors in a research note. BTIG added that BrightSpring’s management team told the firm that the impact from the Inflation Reduction Act is expected to be manageable, management is working with PBMs to receive an enhanced dispensing fee, and the firm believes the government and CMS will ultimately work to protect pharmacies like BrightSpring that are “crucial for the healthcare system”.
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