On Tuesday, Jefferies announced that it has initiated coverage on CVS Caremark Corporation (CVS).
The firm has started coverage on CVS with a “Buy” rating and $71 price target. This price target suggests a 20% upside from the stock’s current price of $56.73.
Analyst Mark Wiltamuth noted: “We recommend CVS Caremark as a core holding as we view it as the drug retailer best positioned to benefit from the AffordableCare Act, the aging of baby boomers and double-digit growth in specialty pharmacy.”
“As the #1 US drugstore, #2 PBM, #2 in Medicare Part D insurance plans, and #2 in Specialty Pharmacy, the company’s integrated PBM/retail model is best positioned to capture the coming shifts in the marketplace, in our view.”
CVS shares were mostly flat during pre-market trading Tuesday. The stock is up 17% YTD.The Bottom Line
Shares of CVS Caremark Corporation (CVS) have a 1.59% yield based on Monday’s closing price of $56.73.
CVS Caremark Corporation (CVS) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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