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Friday, 12/22/2023 9:29:27 AM

Friday, December 22, 2023 9:29:27 AM

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CVS sell-off overdone says HSBC, Walgreens Boots Alliance 'execution risks are significant'
By: Investing | December 22, 2023

HSBC initiated CVS Health (NYSE:CVS) with a Buy rating and Walgreens Boots Alliance (NASDAQ:WBA) with a Hold rating in a note to clients Friday, stating healthcare business models have been in constant flux.

While the market is still quite fragmented, HSBC believes there are attractive growth opportunities.

CVS was assigned a $94 per share price target, implying a potential 21.7% upside from current levels. The bank said the company has an attractive and undervalued moat and is trading at a steep discount to historical levels.

In addition, HSBC said that with the company's shares "down roughly 18% LTM (vs SPX up by 23% over the same period)," the sell-off "appears overdone."

WBA was assigned a $27 per share price target. HSBC believes the company requires operational discipline to improve its execution, boost overall performance, and restore profitability.

Furthermore, while WBA faces "near-term operational challenges," it could unlock value, but the "execution risks are significant," according to analysts.

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