Brenda Vingiello: I disagree with Bernstein’s call on CVS Health


Brenda Vingiello: I disagree with Bernstein’s call on CVS Health

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Wajeeh Khan

May 27, 2022

Bernstein downgraded CVS Health to market perform and lowered PT to $112.

Brenda Vingiello explained why she disagrees on CNBC’s “Halftime Report”.

Shares of the retail pharmacy are down over 10% versus their year-to-date high.

Bernstein downgraded CVS Health Corp (NYSE: CVS) to “market perform” and lowered its price target to $112 a share on Friday – a dovish call that doesn’t sit well with Brenda Vingiello.  

CVS is ‘unique’ in the healthcare space

The Chief Investment Officer of Sand Hill Global Advisors continues to be bullish on the healthcare stock that’s down more than 10% from its year-to-date high. This afternoon on CNBC’s “Halftime Report”, she said:

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This analyst think CVS is less attractive in the healthcare space than some of the other names. But we would disagree. We still really like CVS. We think it’s incredibly unique in terms of its integrated healthcare model.

Also on Friday, the Woonsocket-headquartered retail pharmacy chain launched its new CVS Health Virtual Primary Care service. Wall Street, on average, sees a 20% upside in the stock, at present.

CVS stock is inexpensive to own

In April, the NYSE-listed company reported its financial results for the first quarter that topped Wall Street expectations. According to Vingiello, CVS at 11 times earnings is quite inexpensive to own.  

CVS is definitely well-positioned to deal with a shift to more value-based care. They’re being very innovative and trying to capture more digital customers. They had 44 million digital customers at the end of Q1. So, they’re making good strides.

Last month, Degus Wright also said a consistent and significant growth in gross profit made the healthcare stock a good hedge against inflation that remained near a forty-year high of 8.30% in April.

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