CVS Health report ‘less exciting’ upon review, says Baird

Baird analyst Eric Coldwell said he believes upon further review that CVS Health’s upside came primarily from a prior period reserve benefit at Aetna and he thinks evidence of long-term challenges continues to mount. In a note entitled “Beat and Raise Less Exciting Upon Further Review,” Coldwell said he thinks the near-term bias for the stock is up, but this report “was not a clearing event.” He keeps a Neutral rating on CVS shares and lowered his price target on the stock to $63 from $68.

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