Bernstein raised the firm’s price target on CVS Health (CVS) to $86 from $77 and keeps a Market Perform rating on the shares. The firm believes CVS is executing very well on its turnaround, but sees the pharmacy benefit manager environment as complex and presenting headwinds to EPS growth in the near term. Over time, Bernstein sees Aetna as an attractive growth engine, and anticipates PBM growth will resume with drug spend growth, the analyst tells investors in a research note.
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