UPDATE: Jefferies Initiates Coverage on CVS Caremark on Position to Benefit from Multiple Catalysts

In a report published Tuesday, Jefferies analyst Mark Wiltamuth initiated coverage on CVS Caremark Corporation (NYSE: CVS) with a Buy rating and $71.00 price target.

In the report, Jefferies noted, “We recommend CVS Caremark as a core holding as we view it as the drug retailer best positioned to benefit from the Affordable Care Act, the aging of baby boomers and double-digit growth in specialty pharmacy. As the #1 US drugstore, #2 PBM, #2 in Medicare Part D insurance plans, and #2 in Specialty Pharmacy, the company's integrated PBM/retail model is best positioned to capture the coming shifts in the marketplace, in our view.”

CVS Caremark Corporation closed on Monday at $56.73.