CVS Health (CVS) PT Trimmed to $110 at Credit Suisse
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Credit Suisse analyst Robert Willoughby trimmed his price target on CVS Health (NYSE: CVS) to $110.00 (from $115.00) but maintained an Outperform rating after news the US Department of Defense military health program, announced that as of December 1, CVS will no longer be a part of its pharmacy network, replaced by competitor Walgreens.
Willoughby commented, "CVS was on the winning side of a 2011 dispute between Express Scripts and Walgreens that saw Walgreens removed from TRICARE's pharmacy network. The news is consistent with recent efforts by Walgreens to align itself more with payors to gain more pharmacy market share, curbing CVS's opportunity."
The firm is lowering 2017 EPS estimate to $6.55 (from $6.60) on a weaker revenue outlook.
Shares of CVS Health closed at $88.99 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesCredit Suisse, Robert Willoughby
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