Owens & Minor upgraded to Buy from Neutral at Citi

Citi upgraded Owens & Minor to Buy from Neutral with a price target of $19, down from $24. The analyst says the 40% selloff since the company’s Q1 earnings report “has been too punitive.” Owens & Minor has seen solid momentum in its core business as personal protective equipment de-stocking seems to have run its course, the analyst tells investors in a research note. Longer-term, the firm sees Chinese tariffs as a potential tailwind to the company’s Americas produced products. Citi sees limited risk to 2024 estimates.