UPDATE: Citigroup Raises PT on CVS Caremark Corp from $52 to $60

Citigroup maintained a Buy rating on CVS Caremark Corp CVS and increased its price target from $52 to $60. Citigroup wrote, “CVS reported 2Q12 adj. EPS from cont. ops. of $0.81, above our estimate of $0.80, above consensus of $0.79, ahead of management guidance of $0.78 to $0.80, and vs. $0.65 last year. The results vs. our estimate were driven by better-than-expected gross margin and share repurchases. Management also raised and narrowed full-year guidance to $3.32 to $3.38, vs. an implied $3.28 to $3.38 previously.” CVS Caremark Corp closed at $44.12 on Tuesday.