Owens & Minor price target lowered to $16 from $18 at BofA

BofA lowered the firm’s price target on Owens & Minor to $16 from $18 and keeps an Underperform rating on the shares after current CFO Alexander Bruni resigned at the request of the company, effective June 21. The CFO news is likely to raise more questions about the safety of O&M’s current 2024 guidance, says the firm, which sees “several other additional risk factors that have grown in intensity” since the end of Q1. The firm sees increasing risk to O&M’s 2024 guidance and expects the company to strike a cautious tone on these headwinds when they report Q2 results, the analyst added.