CVS Health Corporation (CVS) Sees Higher Price Target Despite PBM Pressures

CVS Health Corporation (NYSE:CVS) is among the cheap healthcare stocks to buy heading into 2026. On December 4, Bernstein SocGen Group lifted the price target on CVS Health Corporation (NYSE:CVS) to $86.00 from $77.00, while reaffirming a ‘Market Perform’ rating on the stock. The firm attributed the improved guidance to the company’s Aetna business unit, while acknowledging lingering pressures in its Pharmacy Benefit Manager (PBM) segment.

According to Bernstein, CVS Health Corporation (NYSE:CVS) is “executing very well on its turnaround,” but the complexities around the PBM environment can’t be ignored. This means that the EPS growth in the near term will be adversely impacted.

Aetna is what the firm describes as “an attractive growth engine” for CVS Health Corporation (NYSE:CVS), stating that PBM growth may resume alongside drug spend growth. Bernstein further added that “near-term PBM earnings growth uncertainty” offsets the “strong momentum in Aetna.”

On the same day, RBC Capital maintained its Outperform rating and $93 price target on CVS Health Corporation (NYSE:CVS) before the company’s Investor Day presentation, scheduled for Tuesday, December 9. The analyst highlighted the company’s strong position as the market transitions toward rebate-free pharmacy benefit manager (PBM) models.

CVS Health Corporation (NYSE:CVS) is a Rhode Island-based provider of health solutions in the United States. Incorporated in 1996, the company operates through three segments: Health Care Benefits, Health Services, and Pharmacy & Consumer Wellness.

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