Leerink lowered the firm’s price target on CVS Health (CVS) to $51 from $57 to account for the incremental uncertainty, while keeping a Market Perform rating on the shares. The firm is also updating its CVS estimates for Q4/FY25 due to incremental market details and updated views on the puts and takes currently impacting the overall enterprise. There’s an argument to be made that CVS is oversold and, given where the multiple sits vs. historical trading ranges, Leerink acknowledges that. However, it says that it is hard to ignore the cacophony of headline uncertainties being introduced.
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