CVS Health price target lowered to $106 from $114 at JPMorgan

JPMorgan analyst Lisa Gill lowered the firm’s price target on CVS Health to $106 from $114 and keeps an Overweight rating on the shares. The analyst thinks the Q2 earnings reports will provide some clarity on whether higher Medicare Advantage utilization is a company-specific or industry-wide issue and will help investors assess potential earnings exposure in 2023 and 2024. The firm believes the combination of Medicare Advantage cost trend uncertainty and the election cycle limits near-term upside for the managed care group. It lowered target multiples across the group.