CVS Health stock downgraded at Leerink on Q1 miss (NYSE:CVS)

CVS Health (NYSE:CVS) shares hit a 52-week low after disappointing Q1 2024 results led to a lowered full-year outlook, prompting Leerink Partners to downgrade the stock from Outperform to Market Perform. The downgrade was influenced by significant uncertainties in CVS’s health insurance business and cost pressures, despite better performance in non-Medicare Advantage units. Leerink also reduced their price target on CVS to $60 from $87, citing concerns over the company's Medicare Advantage growth and increased care utilization.