Cardinal Health (CAH) is expected to update its long-term financial targets at its investor day event on June 12 amid high expectations, BofA Securities said in a report Tuesday.

"Expectations are high heading into the event due to impressive execution over the past two years and multiple industry tailwinds," BofA analyst Allen Lutz said.

The company is expected to provide the building blocks to sustainable double-digit EPS growth and also a positive revision to Pharmaceutical and Specialty Solutions EBIT growth to 5% to 7% from 4% to 6%, Lutz said.

The analyst also pointed to the company's multiple discount to peers that has narrowed year-to-date, expecting share price upside from earnings revisions.

BofA raised its price target to $170 from $165 while reiterating its buy rating on the stock.

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