Express Scripts Inc. (ESRX) Stock Rises on Higher Guidance
Shares of Express Scripts Inc. rose Tuesday morning after the pharmacy benefit manager guided for a 2008 profit above Wall Street's forecasts.
The St. Louis-based company expects profit in 2008 to range from $2.80 to $2.87 per share. Analysts polled by Thomson Financial expect profit of $2.79 per share in 2008.
Banc of America analyst Robert Willoughby said the strong outlook was expected, and suggests that trouble in some Express Scripts business units may be coming to an end. He raised his own 2008 profit forecast to $2.85 per share from $2.78 per share.
"The more favorable outlook is consistent with our view that the competitive landscape is changing in favor of larger independent pharmacy benefit managers," Willoughby said in a note to clients. He kept his "Buy" rating, but said that the stock may lag in coming weeks without another catalyst.
The St. Louis-based company expects profit in 2008 to range from $2.80 to $2.87 per share. Analysts polled by Thomson Financial expect profit of $2.79 per share in 2008.
Banc of America analyst Robert Willoughby said the strong outlook was expected, and suggests that trouble in some Express Scripts business units may be coming to an end. He raised his own 2008 profit forecast to $2.85 per share from $2.78 per share.
"The more favorable outlook is consistent with our view that the competitive landscape is changing in favor of larger independent pharmacy benefit managers," Willoughby said in a note to clients. He kept his "Buy" rating, but said that the stock may lag in coming weeks without another catalyst.
Labels: ESRX, Express Scripts Inc.
posted by Stock Administrator @ 3:25 PM
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