JPMorgan Lifts Cencora Price Target to $417 After Model Update

The call reflects stronger Q4 results, lifted long-term guidance, plus a $1 billion U.S. supply‑chain buildout for specialty drugs.

Overview

JPMorgan reaffirmed an Overweight rating and raised its Cencora target to $417 from $344 following a refreshed financial model.
Cencora reported fiscal Q4 2025 revenue of $83.7 billion, up 5.9% year over year, with results topping Street expectations; adjusted EPS reached $3.84, up 15%.
The company plans to invest $1 billion through 2030 to strengthen its U.S. supply chain, a response reported as tied to growing demand for complex specialty therapies such as obesity and cancer drugs.
Management increased long‑term targets to 6%–9% adjusted operating income growth and 9%–13% adjusted EPS growth.
Shareholder returns rose with a 9% dividend hike to $0.60 per share, as Cencora also expanded its specialty segment through the RCA acquisition.