Guardian Pharmacy Services: Site tour takeaways: Customers and PBMs want to work with Guardian

研报英文原文证据摘录

Guardian Pharmacy Services: Site tour takeaways: Customers and PBMs want to work with Guardian

Accessible version

Guardian Pharmacy Services

Site tour takeaways: Customers and PBMs

want to work with Guardian

Reiterate Rating: BUY | PO: 47.00 USD | Price: 42.42 USD

Site tour reinforces confidence in LT share gains 17 June 2026

We hosted a pharmacy site tour with Guardian Pharmacy Services yesterday with several Equity

employees including CEO Fred Burke, SVP of Finance Will Mudd, and Head of Investor

Relations Ashley Stockton in Cincinnati, Ohio. The tour also included several members of

Key Changes

the local team including regional pharmacy leaders, account/marketing managers, and

two clients. In our initiation earlier this year, we noted that Guardian has the opportunity (US$) Previous Current

to double its market share over the next several years (link to our GRDN initiation here). Price Obj. 42.00 47.00

We come away from the tour incrementally positive that Guardian has the right

employees, culture, and strategy to continue to grow its market share over the next AllenResearchLutz,AnalystCFA

decade. We reiterate our Buy rating and raise our price objective from $42 to $47, based BofAS

+1 646 855 4380

on 37x CY26E EPS (33x prior). We increase our target multiple to reflect incremental allen.lutz@bofa.com

confidence on longer-term share gains. Given GRDN’s recent multiple expansion Hanna Lee

combined with some contraction in the multiple of its closest peer MDLN, we see more Research Analyst

BofAS

limited multiple expansion beyond these levels. +1 646 855 3682

hanna.y.lee@bofa.com

Dev WeerasuriyaLocal pharmacy operators face issues scaling

Research Analyst

We spoke with two operating leaders in the Central region whose pharmacies were BofAS