Baird: McKesson (MCK.US) held a "unusual" seller event and lowered its target price to $531.

On Tuesday, Baird downgraded the rating of medical distributor McKesson (MCK.US) from outperform to neutral, and lowered its target stock price from $603 to $531; the firm called the company's plan to hold investor events with sell-side communities "unusual". Analyst Eric Coldwell wrote: "The unusual nature and timing of this NYSE event - scheduled for the morning of November 7, following the company's second quarter earnings conference call for fiscal year 25 - concerns us, especially given the backdrop so far this year." Coldwell noted that after two disappointing quarterly reports released earlier this year - McKesson's first quarter fiscal year 25 results announced in June, and the latest results disclosed at the recent conference call - Wall Street's expectations for the second quarter have been further undermined. The analyst wrote: "Over the past few months, two bad reports, two downgrades to guidance for the second quarter, and ongoing concerns and frustrations have continued to mount. We are concerned that the stock price will experience selling pressure in November."