UPDATE: Bank of America Reiterates On Omnicare Following Management Meeting

Benzinga

In a report published Friday, Bank of America analyst Robert M. Willoughby reiterated a Buy rating on Omnicare (NYSE: OCR), and raised the price target from $69.00 to $73.00.

In the report, Bank of America noted, “We hosted meetings with institutional investors in Montreal and Toronto this week. Much of the focus was on the business model, with an investor base less familiar with the U.S. health care services world. Management's message was that after years of reinvesting to centralize its business and rectify past deficiencies, OCR is poised for sustainable, increasingly profitable organic growth, with a continuing commitment to returning cash to shareholders. We are boosting our 2015 EPS estimate to $4.08 from $4.05 on greater conviction in a host of growth and cash flow drivers. Our P.O. moves to $73 from $69 on the higher view.”

Omnicare closed on Thursday at $66.10.

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