JPMorgan analyst Lisa Gill lowered her price target for CVS Health to $91 after the company provided initial 2019 guidance that came in below “well below expectations.” Part of the shortfall was due to several near term transitory issues that will have less of an impact over time, Gill tells investors in a post-earnings research note. The analyst says that while the guidance was disappointing, she continues to believe in the company’s long term strategy and vision. Further, the “stock is cheap” at 9.5 times fiscal 2019 earnings estimates, Gill adds. She maintains an Overweight rating on CVS Health.
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