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 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.