According to Morgan Stanley, CVS/Caremark CVS price target is increased to $47.
Morgan Stanley said that margin expansion and what we expect to be another strong selling season should support current multiples. “Our new $47 price target assumes current 14.5 multiple applied to our CY12 forecast of $3.25. Our CY13 estimate of $3.77 is ~4% higher then consensus reflecting our assumptions regarding an accelerating benefit from generics in next 18-months.”
CVS/Caremark closed on Friday at $40.78.
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