Wells Fargo upgrades Cencora to Overweight, raises target to $337

As previously reported, Wells Fargo upgraded Cencora (COR) to Overweight from Equal Weight with a price target of $337, up from $274. The firm says that valuation is justified by robust industry backdrop/high estimate achievability and less relative exposure to macro/policy risks. Wells’ estimates are generally in-line with consensus but assume much slower U.S. Healthcare growth and takes a fulsome approach to estimating potential impact from M&A driven customer loss, which likely leaves an upside bias to estimates.