BofA raised the firm’s price target on McKesson (MCK) to $850 from $800 and keeps a Buy rating on the shares. After having attended McKesson’s investor day in New York City yesterday, the firm came away “incrementally confident about the company’s forward growth prospects,” the analyst tells investors. The company’s focused investment in oncology, multispecialty and biopharma have higher margins and a long runway for growth, notes the analyst, who says these investments combined with “a relatively unlevered balance sheet” give the firm conviction in the company’s raised growth targets.
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