Evercore

Evercore ISI analyst Elizabeth Anderson downgraded CVS Health (CVS) from outperform to be in line with the market, lowering its price target to $100 from $120. Anderson told investors in a research note that a channel check conducted during Medicare Advantage enrollment showed that CVS Health’s 2023 plan offerings were competitive. The analyst said that while the inspection results showed that the company’s Aetna was doing well in some regions, its share growth did not appear to be strong compared to previous years. Anderson believes CVS Health’s valuation in 2023 will bounce back in a relative range pending greater certainty in the final portfolio.