Bank of America Merrill Lynch Reiterates Buy Rating, $49 PT on CVS Caremark Corporation
In a report published Friday, Bank of America Merrill Lynch reiterated its Buy rating and $49.00 price target on CVS Caremark Corporation (NYSE: CVS).
BofA Merrill Lynch noted, “According to media reports, CVS will buy an 80% stake in Brazilian retail pharmacy chain Onofre for $313 million, plus assumed debt. The deal adds 44 stores (the eighth-largest chain in Brazil) in a high-growth region with rapidly expanding health care coverage. However, we maintain our 2013 EPS estimate ($3.57) at this time, on the relatively small investment size and what we expect are few operating synergies.”
CVS Caremark Corporation closed on Thursday at $46.71.
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