McKesson price target lowered to $440 from $450 at UBS

UBS analyst Kevin Caliendo lowered the firm’s price target on McKesson to $440 from $450 but keeps a Buy rating on the shares as part of a broader research note on pharma distributors. The analyst contends that Pharma distribution is a relative safe haven while noting "stable" Rx trends and positive channel checks around brand and generic drug inflation. The firm adds however that while McKesson has been a consistent beat-and-raise story, last quarter’s IT miss blemished an otherwise solid print.