Jefferies Assumes, Downgrades CVS Health (CVS) to Hold
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Rating Summary:
27 Buy, 11 Hold, 0 Sell
Rating Trend: Down
Today's Overall Ratings:
Up: 15 | Down: 11 | New: 13
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Jefferies downgraded CVS Health (NYSE: CVS) from Buy to Hold with a price target of $82.00 (from $122.00) in assumed coverage.
Analyst Brian Tanquilut commented, "We are assuming coverage of CVS with a Hold/$82 PT. While we recognize that CVS's valuation has pulled back in recent months, we believe the stock's outlook for the next 12 months is hampered by 1) the company's likely inability to drive meaningful EPS upside given upcoming retail pharmacy market share losses and 2) the overhang from investor concerns about PBM contracting, which will become a key focus once the '18 selling season starts (spring '17)."
The firm cut FY 2016 EPS from $5.85 to $5.80 and FY 2017 EPS from $6.56 to $5.87.
For an analyst ratings summary and ratings history on CVS Health click here. For more ratings news on CVS Health click here.
Shares of CVS Health closed at $80.13 yesterday.
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