CVS Health (CVS) PT Raised to $85 at Wolfe Research

Wolfe Research analyst Justin Lake raised the price target on CVS Health (NYSE: CVS) to $85.00 (from $80.00) while maintaining a Outperform rating.

The analyst comments "Updating Estimates / PT and Earnings Power – With increasing focus on 2026 earnings potential and LT earnings power we continue to see CVS as having clearest path to achieve earnings power of $10+ in 2028, or 50%+ vs. 2026 consensus via Medicare Advantage margin improvement. With the stock well owned the co. will need to continue being a beat-and-raise story and we see clear potential here as 1H core EPS ran $0.50 ahead of expectations but mgmt. has left 2H guidance intact. Most importantly, we continue to see solid setup for 2026/2027 #s where our $7.50/$9.00 respectively are ~5%/~10% ahead of street consensus. Our updated 2025 adjusted EPS estimate of $6.40 is in line with the upper end of CVS’ updated 2025 guide of $6.30-$6.40 and compares to consensus of $6.35. Our updated PT of $85 is ~11x 2026 EPS of $7.50 or ~8x earnings power. We will host a webcast to discuss updated view and CVS "Mini-Model" on Monday morning 9/22 at 11am ET – sign-up link will be emailed in the morning."

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