Jefferies cuts PT on drug distributor McKesson, raises PT on Cardinal
** Brokerage Jefferies cuts PT on drug distributor McKesson MCK.N to $607 from $630, while raising PT on peer Cardinal Health CAH.N to $110 from $105
** Says despite MCK forecasting Q2 below estimates, co's reiteration of full-year forecast gives "some level of confidence"
** Pressure on MCK's stock was exacerbated by rival Cencora COR.N highlighting falling demand for COVID products - Jefferies
** Brokerage adds it is evident that investors are concerned about the impact of Walgreens' WBA.O struggles and the impact ofupcoming store consolidation on COR's results going forward
** Says most CAH investors still want to see a more sustained execution track record
** Up to last close, MCK up ~10%, CAH up ~12% while COR up ~15% YTD
Reporting by Sriparna Roy in Bengaluru
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