Cencora price target raised to $247 from $221 at JPMorgan

JPMorgan raised the firm’s price target on Cencora to $247 from $221 and keeps an Overweight rating on the shares. With all three healthcare distributors trading at or near all-time highs, the companies are entering Q4 earnings “very well owned,” the analyst tells investors in a research note. “Consistent with prior quarters, while the bar is undoubtedly high, the fundamental picture for each appears strong entering the quarter,” writes the firm. JPMorgan believes the group should deliver solid results and updated price targets to reflect a continued favorable backdrop for distributors entering 2024.