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SunTrust Presents Possible Pair Trade With Walgreen, CVS Heath

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SunTrust downgraded Walgreen Company (NYSE: WAG) from Buy to Neutral and upgraded CVS Health Corp (NYSE: CVS) to Buy on Friday. The price target for Walgreen is $77.00 and for CVS Health it was set to $110.

The rating changes suggest a possible pair trade.

Walgreens fell after the open Friday and recently traded at $73.61, down 1.04 percent. CVS shares moved higher amid the upgrade and recently traded at $65.80, up 0.29 percent.

CVS has been the outperformer in the pharmacy space with shares up 34 percent year-to-date.

As a point of interest, CVS shares hit its low this year on February 5 - the same day the company announced that it would stop selling tobacco at all CVS/Pharmacy locations.

Latest Ratings for WAG

DateFirmActionFromTo
Dec 2014JP MorganMaintainsOverweight
Dec 2014BarclaysMaintainsEqual-Weight
Dec 2014SunTrust Robinson HumphreyDowngradesBuyNeutral

View More Analyst Ratings for WAG
View the Latest Analyst Ratings

Posted-In: SunTrustAnalyst Color Upgrades Downgrades Price Target Analyst Ratings

 

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