HSBC analyst Daniela Bretthauer initiated coverage of CVS Health with a Buy rating and $94 price target. The analyst says CVS is the largest healthcare and service provider in the U.S. in sales terms, “with unparalleled reach and relationships.” The company has an “attractive and undervalued moat,” exposure to a sector with secular growth trends, and the stock trades at a steep discount to its historical valuation, the analyst tells investors in a research note.
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