Edward Jones last night downgraded CVS Health (CVS) to Hold from Buy and removed the shares from the firm’s Equity Income Buy List. CVS recently lost part of the Blue Shield of California pharmacy benefits manager contract to a group of companies that included Amazon.com (AMZN), the analyst tells investors in a research note. The firm believes the news creates uncertainty for the PBM industry. As such, Edward Jones views CVS Health shares as appropriately valued.
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Read More on CVS:
- Cigna (NYSE:CI) and Others Face Aftermath of Blue Shield’s Move
- CVS Health downgraded to Hold from Buy at Edward Jones
- CVS affirms outlook, says California partial contract termination ‘immaterial’
- CVS reaffirms outlook after ‘partial termination’ of California contract
- CVS says Blue Shield of California change to have immaterial impact longer term