Cencora initiated with an Outperform at Leerink

Leerink analyst Michael Cherny initiated coverage of Cencora, formerly AmerisourceBergen, with an Outperform rating and $261 price target. Cencora has already positioned itself as a key beneficiary from the outsized specialty growth within the overall pharma wholesale market, says the firm, which sees this U.S. baseline, which represents almost 80% of total company EBIT, as poised to generate the high end or higher of the company’s 5-8% long-term operating growth target.