CVS Health price target lowered to $60 from $76 at Wells Fargo

Wells Fargo lowered the firm’s price target on CVS Health to $60 from $76 and keeps an Equal Weight rating on the shares following MA-driven guidance cut. The firm says it is hard to be confident on revised guidance/earnings baseline given dependence on non-recurrence of over 50% of cost issue in Q1. Low visibility makes it difficult to get more constructive, adds Wells.