AmerisourceBergen Received its Third Buy in a Row

By Austin Angelo

After Argus Research and Credit Suisse assigned a Buy rating to AmerisourceBergen in the last month, the company received another Buy, this time from Morgan Stanley. Analyst Ricky Goldwasser upgraded AmerisourceBergen (NYSE: ABC) to Buy today and set a price target of $86. The company’s shares closed yesterday at $75.61.

According to TipRanks.com, Goldwasser is a 3-star analyst with an average return of 0.7% and a 46.6% success rate. Goldwasser covers the Healthcare sector, focusing on stocks such as Albany Molecular Research, Quintiles Transnational, and Quest Diagnostics Inc.

Currently, the analyst consensus on AmerisourceBergen is Moderate Buy and the average price target is $97.80, representing a 29.3% upside.

In a report issued on November 2, Credit Suisse also reiterated a Buy rating on the stock with a $95 price target.

Based on AmerisourceBergen’s latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $37.56 billion and quarterly net profit of $146 million. In comparison, last year the company earned revenue of $35.47 billion and had a net profit of $364 million.

Based on the recent corporate insider activity of 59 insiders, corporate insider sentiment is negative on the stock. Earlier this month, Steven Collis, the President & CEO of ABC sold 15,000 shares for a total of $1,047,750.

AmerisourceBergen Corp. is a pharmaceutical sourcing and distribution services company. It serves as a healthcare, pharmaceutical and biotech manufacturers to improve patient access to products and enhance patient care. The company operates through two segments: Pharmaceutical Distribution and Other. The Pharmaceutical Distribution segment provides drug distribution and related services designed to reduce healthcare costs and improve patient outcomes through AmerisourceBergen Drug Corp. and AmerisourceBergen Specialty Group. The Other segment is comprised of AmerisourceBergen Consulting Services, World Courier Group, Inc. and MWI Veterinary Supply, Inc. AmerisourceBergen was founded on August 28, 2001 and is headquartered in Chesterbrook, PA.