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Downgrade Alert for Cardinal Health (CAH)

By Amy Schwartz

Cardinal Health (NYSE:CAH) was downgraded from Buy to Neutral at Cleveland Research today. The stock closed yesterday at $76.46 on volume of 1.0 million shares, below average daily volume of 2.1 million.

Cardinal Health, Inc. provides complementary products and services to healthcare providers and manufacturers. The Company's services include pharmaceutical distribution, health-care product manufacturing, distribution and consulting services, drug delivery systems development, pharmaceutical packaging, automated dispensing systems manufacturing, and retail pharmacy franchising.

In the past 52 weeks, Cardinal Health share prices have been bracketed by a low of $73.25 and a high of $91.22 and closed yesterday at $76.47, 4% above that low price. The 200-day and 50-day moving averages have moved 0.19% lower and 0.26% lower over the past week, respectively.

There is potential upside of 29.5% for shares of Cardinal Health based on a current price of $76.47 and an average consensus analyst price target of $99.03. Cardinal Health shares should first meet resistance at the 50-day moving average (MA) of $82.60 and find additional resistance at the 200-day MA of $83.11.

SmarTrend recommended that its subscribers protect gains by selling shares of Cardinal Health on August 25th, 2016 by issuing a Downtrend alert when the shares were trading at $80.07. Since that call, shares of Cardinal Health have fallen 4.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: analyst upgrades/downgrades Cardinal Health

Ticker(s): CAH