Guardian Pharmacy initiated with a Buy at Truist

Truist initiated coverage of Guardian Pharmacy (GRDN) Services with a Buy rating and $22 price target The provider of long-term care facility, or LTCF, pharmacy services in the U.S. has 50 pharmacies serving about 174,000 residents across 36 states, notes the analyst, who sees the cost benefits to payors as “attractive in an increasingly cost-conscious environment.” The firm sees “brisk secular demand drivers” and thinks Guardian is well positioned to capture share given the complexities of running a LTCF pharmacy and the company’s leading scale, capabilities and tech assets, the analyst tells investors.