UPDATE: Deutsche Bank Reiterates on CVS Caremark Following Annual Investor Day

In a report published Friday, Deutsche Bank analyst Greg Poole reiterated a Hold rating on

, and raised the price target from $71.00 to $76.00. In the report, Deutsche Bank noted, “CVS updated its long term guidance at its annual investor day, targeting top line growth of 9-13% and EPS growth of 10-14% through 2018, with the top end of EPS growth coming down 1% from its previous range - but an impressive target nonetheless. CVS will generate annual free cash in the $7.5- 8.5B range, allowing for significant share repurchases and dividend payouts, and share repo is expected to drive about 40% of EPS growth. The LT guidance was largely in line with our expectations, with 2014 guidance of $4.36-$4.50 bracketing the consensus of $4.46. We maintain our Hold rating on valuation.” CVS Caremark closed on Thursday at $70.14.