McKesson price target raised to $570 from $510 at Argus

Argus raised the firm’s price target on McKesson to $570 from $510 and keeps a Buy rating on the shares. Having divested the majority of its underperforming European distribution operations and improved the performance of its Prescription Technology Solutions business, the company is on the path to more profitable growth, the analyst tells investors in a research note. McKesson is also riding the tailwinds from the robust uptake of GLP-1 weight-loss drugs and higher utilization of specialty and oncology drugs, the firm adds, raising its FY24 EPS view by 25c to $27.60.