UPDATE: Wells Fargo Starts CVS Health (CVS) at Equal Weight

Wells Fargo analyst Stephen Baxter initiates coverage on CVS Health (NYSE: CVS) with a Equal Weight rating and a price target of $89.00.

The analyst comments "While the current valuation is fairly depressed, our analysis suggests recent profit growth has been negative excluding the impact of cost initiatives. We think it has hard to argue for a material improvement in valuation until there is more evidence that the core business can grow sustainably."

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 $84.56 yesterday.

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