Piper Sandler lowered the firm’s price target on CVS Health (CVS) to $64 from $72 and keeps an Overweight rating on the shares. The firm believes CVS has multiple, viable paths to 100-200 bps of MA margin expansion in 2025. Best-in-class Star ratings lend visibility to 2026 and position the Aetna MA franchise for durable earnings growth through this rate cycle and into the next.
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