McKesson price target raised to $641 from $535 at Wells Fargo

Wells Fargo analyst Stephen Baxter raised the firm’s price target on McKesson (MCK) to $641 from $535 and keeps an Equal Weight rating on the shares. The firm updated estimates and price targets for the drug distribution group following the results and recent mergers. It is “generally constructive” on core distribution fundamentals into 2025, but says valuations and overhangs leave it neutral across the group.