TD Cowen raised the firm’s price target on CVS Health (CVS) to $99 from $95 and keeps a Buy rating on the shares. The firm continues to view CVS’s guide as conservative, as it assumes 1H HCB strength (individual MA & PDP) doesn’t persist in 2H, it assumes PCW sees adj. op. inc. decline in 2H and assumes HSS sees roughly 5% for the remainder of 2025 despite LDD% industry specialty pharmacy and branded inflation trends.
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