UPDATE: Jefferies & Company Reiterates Buy Rating, Raises PT on CVS Caremark Corporation

In a report published Wednesday, Jefferies & Company reiterated its Buy rating on CVS Caremark Corporation

, and raised its price target from $50.00 to $54.00. Jefferies noted, “CVS reported another strong Q fulfilling our 2012 thesis that it would beat and raise throughout the year. The looming question is what CVS will do for an encore. While compares get more difficult, CVS' advantaged business model, significant cash flow and strong management team suggest FY13 will be another successful year, likely driven by a number of smaller catalysts. This, plus a modest valuation, implies the equity is undervalued.” CVS Caremark Corporation closed on Tuesday at $46.88.