Shares of healthcare company CVS Health (NYSE:CVS) slid in trading after the company lowered its FY23 guidance. The company expects FY23 adjusted earnings in the range of $8.50 to $8.70 per share. CVS anticipates its FY23 cash flow from operations guidance in the range of $12.5 billion to $13.5 billion.
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The company’s Q3 adjusted earnings came in at $2.21 per share as compared to $2.17 in the same period last year. This was above analysts’ consensus estimate of $2.13 per share. CVS generated revenues of $89.8 billion, up by 10.6% year-over-year and surpassing consensus estimates of $88.3 billion.
Is CVS a Buy, Sell or Hold?
Analysts remain bullish about CVS Health with a Strong Buy consensus rating based on 13 Buys and three Holds. The average CVS price target of $89.36 implies an upside potential of 32.4% at current levels.
