MCK

McKesson Corporation

322.28
USD
-1.21%
322.28
USD
-1.21%
186.61 339.94
52 weeks
52 weeks

Mkt Cap 50.46B

Shares Out 154.68M

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“More importantly, FY23 is above expectations and given MCK’s track record, we sense the higher end of guidance may prove to be the lower end of reality,” the team wrote, reiterating their Outperform rating on the stock.

The shares of drug distributor McKesson (NYSE:MCK) have recorded the biggest intraday gain in more than six months on Friday after reporting a solid revenue beat with its Q4 financials for fiscal 2021. However, it was the company's fiscal 2023 earnings outlook, that got the attention of Baird as analysts led by Eric W. Coldwell raised their price target on the stock to $380 from $352 per share to imply a premium of ~21% to the last close. Despite a mixed performance in the bottom line, given the one-off items that hurt margins and earnings per share compared to the Street forecasts, McKesson (MCK) addressed the concerns admirably and detailed its path to upside in fiscal 2023, the analysts argued. “More importantly, FY23 is above expectations and given MCK’s track record, we sense the higher end of guidance may prove to be the lower end of reality,” the team wrote, reiterating their Outperform rating on the stock. Q4 fiscal 2018 was the last quarter McKesson (MCK) fell short of Street forecasts on earnings.

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