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

Auriga has published a report on McKesson 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.