CVS Health (CVS) Q3 Solid But Guidance Well Behind - Leerink
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Leerink Partners analyst David Larsen weighed in on CVS Health (NYSE: CVS) following solid Q3 results but disappointing guidance which has the stock down 15.3%.
Larsen commented, "This morning CVS reported 3Q:16 earnings. While earnings in the quarter were solid, guidance was disappointing. Adjusted EPS of $1.64 came in ahead of Leerink/consensus of $1.55/$1.57, which includes a $0.05 tax benefit. While the quarter was good, 4Q:16 guidance of $1.64-$1.70 is below Leerink/consensus of $1.79/$1.75. CVS also provided preliminary 2017 adjusted EPS guidance of $5.77-$5.93, which is well below Leerink/consensus of $6.60/$6.50. The lower than expected outlook is due to changes in the retail networking landscape, and soft volumes in the industry. We will be listening on the call at 8:30 A.M. for greater detail around the impact of recent network contract changes."
The had an Outperform rating and price target of $105 into the results.
Shares of CVS Health closed at $83.39 yesterday.
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