Morgan Stanley lowered the firm’s price target on CVS Health to $92 from $100 and keeps an Overweight rating on the shares. With an eye toward focusing on “the key piece of information that mattered” from the company’s earnings report, the firm contends that was persistent utilization pressure on medical loss ratio, or MLR, primarily from Medicare Advantage, driving a 20c reduction to the prior 2024 EPS floor, while pointing to low-double digit EPS growth in 2025 as profit improves.
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