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Both Traders and Investors Should Get to Know ABC

Positive earnings and break above long-term resistance make AmerisourceBergen a buy


AmerisourceBergen Corp. (NYSE:ABC) — This pharmaceutical services company provides drug distribution primarily in the United States and Canada. 

On Thursday, the company reported Q4 FY 2012 earnings of $0.72 per share, beating analyst estimates of $0.68. Despite a slight revenue shortfall, on Friday, S&P raised its price target to $46. 

ABC also increased its dividend by 62% to $0.84 a share and announced a new $750 million multi-year share repurchase plan. 

Technically, ABC has confirmed a break above long-term resistance at $40. Buy at the current price or on a pullback. The trading target for ABC is $46, but long-term investors could achieve much higher returns.

Trade of the Day – AmerisourceBergen Corp. (NYSE:ABC)
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