CVS Health

CVS · NYSE

$94.75+$2.07 (+2.23%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $92.68

CVS analyst rating

BuyConsensus of 17 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy17
Hold0
Underperform0
Sell0

12-month price target · 28 analysts

Average $115.19 (+21.6% upside)

Low: $79.79
Now: $94.75
High: $131.25

Upgrades and downgrades

The latest rating actions, newest first

CVS analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Leerink Partners	Oct 12, 2026	Maintains	Outperform	$119.00 → $112.00	61%
UBS	Sep 3, 2026	Maintains	Buy	$126.00 → $118.00	70%
Argus Research	Aug 19, 2026	Maintains	Buy	$104.00 → $114.00	67%
JP Morgan	Aug 12, 2026	Maintains	Overweight	$111.00 → $118.00	54%
UBS	Aug 6, 2026	Maintains	Buy	$122.00 → $126.00	70%
Evercore ISI Group	Aug 6, 2026	Maintains	Outperform	$130.00 → $125.00	60%
Barclays	Aug 6, 2026	Maintains	Overweight	$106.00 → $108.00	59%
UBS	Jul 24, 2026	Maintains	Buy	$115.00 → $122.00	70%
Truist Securities	Jul 14, 2026	Maintains	Buy	$108.00 → $118.00	67%
Wells Fargo	Jul 13, 2026	Maintains	Overweight	$103.00 → $123.00	59%

The case for and against

Updated Oct 14, 2026

Bull case

CVS Health is attractive because its integrated model across retail pharmacy, PBM, health insurance, and primary care creates complementary revenue streams and natural offsets, supporting growth even as individual segments face pressure. Recent operating trends are constructive, with HCB revenue of $35.97B, membership of 26.01M, MBR improving to 84.6%, and CFFO/FCF of $4.25B/$3.40B, while the company raised guidance and continues to target margin recovery in MA by 2028. Its PCW business is benefiting from 7.4% same-store Rx growth, CostVantage rollout, share gains, and Rite Aid file buys, while Oak Street and other health delivery assets add long-term synergy and cash flow optionality.

Bear case

CVS Health is facing a fundamental earnings reset driven by persistent PBM competition, regulatory scrutiny, and 340B headwinds that could meaningfully pressure its high-margin Caremark and HSS contributions. The company’s retail pharmacy business is still burdened by declining reimbursement, fixed-cost leverage, consumer softness, and share loss to online and digital competitors, while the excerpt highlights roughly $610MM of 340B EBIT exposure in 2027 and a potential $90MM annualized hit in a worst-case scenario. Although management is leaning on CostVantage, Cordavis biosimilar adoption, and buybacks, the need to offset these recurring structural pressures leaves limited visibility on durable profit growth despite maintained 2026 EPS of $8.07 and only modest 2027 growth to $8.59.

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