Jefferies upgraded Cencora (COR) to Buy from Hold with a price target of $440, up from $330. The firm cites the clearing of the company’s Walgreens and government drug pricing risks for the upgrade. Cencora now faces multi-year tailwinds across the pharmacy distributor space that warrant multiple expansion, the analyst tells investors in a research note. The company has has cleared risks related to Walgreens’ store closure program and Most Favored Nation drug pricing from the government, contends Jefferies. The firm sees the company undergoing an accelerated growth path over the next several years.
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