Cencora Inc

COR: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$951.00	Bhvcnsb	Cgqwbsx

AmerisourceBergen Earnings: Strong Specialty Business Boosts Sales and Affirms Switching Costs

Keonhee Kim , Ava Gams

Aug 2, 2023

Narrow-moat AmerisourceBergen’s third-quarter results landed slightly ahead of our expectations. Strong volume growth supported a top-line increase of 11.5% year over year and pushed management to slightly raise full-year guidance to at least 8% revenue growth from a prior range of 6%-8%. We are raising our fair value estimate to $162 from $149 after baking in impacts from an improved near-term outlook and time value of money.

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