McKesson price target raised to $480 from $450 at Argus

Argus analyst David Toung raised the firm’s price target on McKesson to $480 from $450 and keeps a Buy rating on the shares. As one of the nation’s largest distributors of pharmaceuticals and medical-surgical products, McKesson is benefiting from a recovery in patient visits to physicians’ offices as well as from an increase in elective surgical procedures, the analyst tells investors in a research note. The company is also “riding the tailwinds” from the robust uptake of GLP-1 weight-loss drugs and higher utilization of specialty and oncology drugs, Argus adds, boosting its FY24 EPS view by 30c to $27.10 and its FY25 view by 60c to $30.60.