CVS Health price target lowered to $65 from $85 at Raymond James

Raymond James lowered the firm’s price target on CVS Health to $65 from $85 and keeps an Outperform rating on the shares. CVS’s Q1 results were worse than expected driven by underperformance in the Health Care Benefits segment, with management noting that medical costs were $900M above expectations, with $500M attributable to seasonal factors that shouldn’t persist, while $400M is expected to be structural and persist going forward, the analyst tells investors in a research note.