Zacks Investment Research upgraded shares of Express Scripts Holding Company (ESRX) from NEUTRAL to OUTPERFORM on August 14, 2012, with a target price of $74.00.
We are upgrading Express Scripts to Outperform following the impressive results delivered by the company in the second quarter of 2012. Express Scripts beat the Zacks Consensus Estimate both in terms of revenues as well as earnings. Revenues jumped 143.7% thanks to the expanded product portfolio following the acquisition of Medco Health. The strong performance caused management to increase its adjusted earnings guidance for 2012 to $3.60-$3.75 per share (previous guidance: $3.36-$3.66). We, too, have increased our 2012 earnings estimate by $0.17 to $3.70. The strong results and the upbeat guidance had a positive impact on the stock price with further scope for appreciation. Consequently, we recommend the stock to long-term investors.
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