By Sam Boughedda

Shares of AmerisourceBergen Company (NYSE:) traded 3% decrease Wednesday after the corporate held its investor day occasion.

The corporate’s first investor day in 9 years noticed it current its up to date long-term progress outlook, reiterating its earlier steering for adjusted earnings of $10.80 to $11.05 per share for fiscal 2022.

As well as, ABC licensed a brand new share repurchase program, permitting the corporate to buy as much as $1 billion of its excellent shares.

Commenting on ABC’s investor day, Evercore ISI analyst Elizabeth Anderson stated, “the longer-term steering is prone to be considered as a slight disappointment (8-12% EPS progress), although administration famous that the 3-4% contribution from capital deployment will enhance throughout the outlook interval and may be above 4% as Alliance debt is repaid.”

“For FY23, 8% EPS progress steering off the present midpoint (ex-COVID) is $11.04 + probably ~$0.35 of COVID contribution for a brand new ABC FY23 of ~$11.39 ($11.26-$11.53). This estimate is in keeping with EVR ISI ($11.37), however under the St estimate of $11.54,” added Anderson.

The analyst maintained an Outperform ranking on the inventory however lower the agency’s worth goal on ABS shares to $165 from $176.