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UPDATE: Cantor Fitzgerald Initiates CVS Caremark Corporation at Buy; Strong Generic Momentum

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Cantor Fitzgerald initiated its coverage on CVS Caremark Corporation (NYSE: CVS) with a Buy rating and a $55 price target per share.

Cantor Fitzgerald commented, "After several transition years, we look for continued earnings improvement in both CVS' retail and pharmacy benefit manager (PBM) operations in 2012. Operating income is set to improve by around 15% for both the retail and pharmacy services segment this year. Although management recently indicated several customer losses early in the current selling season, we don't foresee any major shoe to drop in relation to 2013 contracts that are still up for bid. pending for PBM streamlining initiatives is also winding down this year. These activities are on track to deliver $225-275 million of cost savings by 2013."

CVS Caremark Corporation closed at $44.12 on Tuesday.

Latest Ratings for CVS

DateFirmActionFromTo
Jun 2016Morgan StanleyDowngradesEqual-weight
May 2016JefferiesMaintainsBuy
May 2016CitigroupMaintainsNeutral

View More Analyst Ratings for CVS
View the Latest Analyst Ratings

Posted-In: Cantor FitzgeraldAnalyst Color Initiation Intraday Update Analyst Ratings

 

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