Cencora price target lowered to $331 from $429 at Wells Fargo

Wells Fargo analyst Stephen Baxter lowered the firm’s price target on Cencora (COR) to $331 from $429 and keeps an Overweight rating on the shares. The firm says that the magnitude of U.S. HC earnings growth deceleration was a disappointment. That said, Wells sees “core” growth generally in-line with peers Cardinal Health (CAH) / McKesson (MCK). If “core” growth is sustained in this general area, the firm would expect the price to earnings gap to close some.