CVS Health and Target Sign Agreement for CVS Health to Acquire, Rebrand and Operate Target's Pharmacies and Clinics
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Target (TGT) Enters Purchase Agreement with CVS Health; Piper Jaffray Reiterates Overweight
June 16, 2015 8:07 AM EDTPiper Jaffray reiterates an Overweight rating and $91.00 price target on Target (NYSE: TGT) as TGT enters deal with CVS. CVS is to purchase, rebrand, and operate TGT's Pharmacy and clinic business for $1.9B. Analyst Sean Naughton sees this deal as an... More
Moosy'a Affirms CVS Health's (CVS) 'Baa1' Senior Unsecured Rating Amid Target (TGT) Asset Deal
June 15, 2015 11:38 AM EDTMoody's Investors Service today affirmed CVS Health (NYSE: CVS) Baa1 senior unsecured rating following its announcement that it will be acquiring the pharmacy and clinic business of Target Corporation in a transaction valued at $1.9 billion. CVS Health will finance this acquisition with debt. At the same time, CVS Health lowered its level of expected share repurchases in 2015 by $1 billion. CVS Health now expects to make about $5 billion of share repurchases in 2015. The rating outlook remains stable.
The following ratings are affirmed:
Senior unsecured notes at Baa1
Commercial Paper rating at... More
CVS Health (CVS) to Acquire TGT Pharmacies for $1.9B; Cowen Reiterates Outperform
June 15, 2015 11:20 AM EDTCowen maintains an Outperform rating and $116.00 price target on CVS Health (NYSE: CVS) following CVS's announcement to acquire TGT pharmacies. CVS will acquire more than 1,660 pharmacies across 47 states, for $1.9B.
Analyst Charles Rhyee commented, "We are positive on CVS's agreement to acquire,... More
CVS Health (CVS) to Acquire Target's (TGT) Pharmacy, Clinic Business in ~$1.9B Deal
June 15, 2015 7:01 AM EDTCVS Health Corporation (NYSE: CVS) and Target Corporation (NYSE: TGT) announced that they have entered into a definitive agreement for CVS Health to acquire Target's pharmacy and clinic businesses for approximately $1.9 billion. Through this agreement, CVS Health will acquire Target's more than 1,660 pharmacies across 47 states and operate them through a store-within-a-store format, branded as CVS/pharmacy. In addition, a CVS/pharmacy will be included in all new Target stores that offer pharmacy services. Target's nearly 80 clinic locations will be rebranded as MinuteClinic, and CVS Health... More
