AmerisourceBergen Corp. Rating Reiterated by Zacks (ABC)
AmerisourceBergen Corp. (NYSE:ABC)‘s stock had its “neutral” rating restated by Zacks in a research report issued on Friday, AnalystRatings.Net reports. They currently have a $63.00 price objective on the stock. Zacks‘ price target would suggest a potential upside of 4.20% from the company’s current price.
Zacks‘ analyst wrote, “AmerisourceBergen Corporation’s third quarter fiscal 2013 earnings of $0.80 beat the Zacks Consensus Estimate of $0.74 and were up from $0.76 in the year-ago quarter. Revenues grew 13.3% to $21.9 billion in the third quarter of fiscal 2013 and surpassed the Zacks Consensus Estimate of $21.3 billion. However, AmerisourceBergen now expects earnings in the range of $3.06 – $3.11 in fiscal 2013, compared to the previous guidance of $3.04 – $3.14. Nevertheless, AmerisourceBergen continues to expect revenues to grow in the range of 11% – 13%. Although we are positive on the Walgreens deal, which should significantly boost the top-line in the coming years, weakness in the oncology business due to challenging reimbursement rates continues to be a matter of concern. Hence, we maintain a Neutral recommendation on the stock.”
Other equities research analysts have also recently issued reports about the stock. Analysts at Raymond James downgraded shares of AmerisourceBergen Corp. (NYSE:ABC) from a “strong-buy” rating to an “outperform” rating in a research note to investors on Thursday, July 25th. They now have a $63.00 price target on the stock. Separately, analysts at Lazard Capital Markets raised their price target on shares of AmerisourceBergen Corp. (NYSE:ABC) from $64.00 to $67.00 in a research note to investors on Wednesday, July 17th. They now have a “buy” rating on the stock. Finally, analysts at Mizuho raised their price target on shares of AmerisourceBergen Corp. (NYSE:ABC) from $45.00 to $57.00 in a research note to investors on Monday, July 15th. They now have a “neutral” rating on the stock.
Eight analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $59.42.
Shares of AmerisourceBergen Corp. (NYSE:ABC) traded down 0.30% during mid-day trading on Friday, hitting $60.28. 1,274,072 shares of the company’s stock traded hands. AmerisourceBergen Corp. has a one year low of $37.41 and a one year high of $61.02. The stock’s 50-day moving average is $58.21 and its 200-day moving average is $54.74. The company has a market cap of $13.919 billion and a price-to-earnings ratio of 26.31.
AmerisourceBergen Corp. (NYSE:ABC) last announced its earnings results on Wednesday, July 24th. The company reported $0.73 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.75 by $0.02. The company had revenue of $21.90 billion for the quarter, compared to the consensus estimate of $21.36 billion. During the same quarter in the prior year, the company posted $0.71 earnings per share. The company’s quarterly revenue was up 13.3% on a year-over-year basis.
In other AmerisourceBergen Corp. news, SVP James Frary sold 15,000 shares of AmerisourceBergen Corp. stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $59.03, for a total transaction of $885,450.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
AmerisourceBergen Corporation (NYSE:ABC) a pharmaceutical services companies serving the United States, Canada, and selected global markets.
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