UPDATE: Auriga Lowers PT on McKesson from $96 to $95

Auriga has published a report on McKesson (NYSE: MCK) reiterating the Buy rating and lowering the price target by one dollar.

In the report, Auriga wrote, "We are reiterating our BUY rating on McKesson (MCK) following a strong start to FY12 in which results edged out expectations. Strength in Technology Solutions – specifically faster than expected implementations leading to quicker revenue recognition, led the upside and the quarter was aided also by a 100bps tax rate reduction. Additionally, the U.S. Oncology (USON) acquisition was a contributor. A strong generic launch calendar late in the year should lead to another strong back half. Despite the guidance raise and our increasing estimates, our new target of $95 (from $96) moves down a notch due to very modest multiple compression in the drug distribution group (namely from 14x to 13.5x)."

Auriga rated McKesson a BUY with a price target lowered from $96.00 to $95.00. McKesson closed Friday at $81.12.