Cencora Inc

COR: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$656.00	Qghsg	Mkffpjq

AmerisourceBergen Reports Strong Second-Quarter Results; Raising Our Fair Value Estimate to $155

Dylan Finley

May 5, 2022

Overall, we were pleased with AmerisourceBergen's solid performance during the fiscal second quarter, which benefited from a higher-than-expected contribution from COVID-19 treatment distribution. We are raising our fair value estimate to $155 per share from $151 to account for a nominal top- and bottom-line guidance increase by management and a slight uptick in our margin forecast for 2023. We are maintaining our long-term growth and margin expectations, with a slight improvement to operating profit in our 2023 forecast stemming from higher-margin COVID-19 treatment revenue.

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