Boston, MA 09/04/2014 (wallstreetpr) – PharMerica Corporation (NYSE:PMC) reveals a lot of strengths and analysts at Cowen have taken notice of that. The analysts are the latest to update their view on the stock, and they upgraded the stock to an “Outperform” from a “Market-Perform”. They also issued a target price of $33 on the stock.
The news about rating update was received well on the market, and investors helped the stock up 6.85% to $26.21 on Wednesday.
Wall Street is positive on PMC
According to Cowen’s analyst, Charles Rhyee, PharMerica’s core operations are not only solid already, but are also getting stronger. He cited various drivers that include strong underlying growth in the base business, upside potential in the company’s 2014 guidance and the conservative 2015 consensus. Cowen is not alone in their positive observation about PharMerica Corporation (NYSE:PMC). A number of rating firms have recently issued positive notes on the stock. Analysts at Zacks moved to upgrade their rating on the stock of PharMerica to “Outperform” from “Neutral” in the previous note. Zacks has a target price of $31.40 on the stock. Analysts at ISI Group are also positive in their view of PharMerica.
Considering the various analysts’ rating and target price on the stock of PharMerica Corporation (NYSE:PMC), the company carries consensus rating of a “Buy” and the average target price of $28.85 a share.
PharMerica Corporation (NYSE:PMC)’s performance in 2Q was better than expected, and the company also moved to increase its outlook for fiscal 2014. For 2Q, the company earned $0.40 a share, which was better than $0.36 that analysts estimated for the quarter. Revenue for the quarter was $448.6 million, which was also better than the consensus estimate at $432.7 million.
For the full-year, PMC expects EPS in fiscal 2014 to come in the range of $1.47-$1.52 while the earlier guidance was a range of $1.4-$1.5. Concerning revenue, PharMerica Corporation (NYSE:PMC) expects $1.73-$1.78 billion. Analysts on the average are looking for full-year EPS of $1.49 on revenue of $1.75 billion.
