Analysts at Cantor Fitzgerald on Wednesday offered some bullish commentary on major pharmacy chains CVS Caremark Corporation (CVS) and Walgreen Company (WAG).
The firm initiated coverage on CVS with a “Buy” rating and $55 price target, suggesting a 25% upside to the stock’s Tuesday closing price of $44.12. Cantor Fitzgerald noted it expects strong earnings performance from the company in upcoming quarters.
Meanwhile, the analyst also started coverage on WAG with a “Buy” rating and $43 price target. That target implies a 20% upside to the stock’s Tuesday closing price of $35.71. The firm noted WAG’s recent ESRX resolution removes a key overhang that was holding the stock back.
CVS Caremark shares were mostly flat in premarket trading Wednesday, while Walgreen shares posted small losses.
The Bottom Line
Shares of CVS Caremark (CVS) have a 1.47% dividend yield, based on last night’s closing stock price of $44.12. The stock has technical support in the $41-$42 price area. The shares are trading near all-time highs. Shares of Walgreen (WAG) have a 3.08% dividend yield, based on last night’s closing stock price of $35.71. The stock has technical support in the $32 price area. If the shares can firm up, we see overhead resistance around the $37-$38 price levels.
CVS Caremark Corporation (CVS) and Walgreen Company (WAG) are both currently rated “Neutral” by Dividend.com.
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