Wolfe Research upgraded CVS Health to Outperform from Peer Perform with an $80 price target. The analyst cites confidence in Stars improvement coupled with potential for CVS to take steps to set more reasonable expectations for long term earnings growth at its December investor day for the upgrade. Wolfe sees potential for CVS to take steps to more reasonably set expectations for earnings growth in 2025 and beyond in the high single digit range. As such, it believes the stock’s risk/reward profile in the intermediate term has turned positive.
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