CVS Health downgraded to Hold from Buy at TD Cowen

TD Cowen analyst Charles Rhyee downgraded CVS Health to Hold from Buy with a price target of $59, down from $99. The analyst believes the company’s Q1 “introduced further downside risk and uncertainty.” While 2025’s low double digit adjusted earnings growth guidance is attainable, there is risk to CVS’s 2024 starting points, the analyst tells investors in a research note. TD sees potential for Medicare Advantage, pharmacy benefit management services, and the Oak Street Health center rollout to further pressure results. It sees an uncertain 2025 outlook for the company.