Model Update
We update our model following Q218 earnings. With the mid-point of FY18 operating profit guidance unchanged, our operating expectations remain broadly the same. Our expectations are in-line with guidance in both segments. While we acknowledge the robust performance in Q2, CVS's growth outlook is predicated on the AET deal. With significant uncertainty still surrounding this transaction, we remain Neutral.CVS Health is a health company. The company's segments are: Pharmacy Services, which provides a range of pharmacy benefit management solutions, including plan design offerings and administration, formulary management, and retail pharmacy network management services; Retail/Long-Term Care (LTC), which sells prescription drugs and general merchandise, including over-the-counter drugs, provides health care services through its MinuteClinic? walk-in medical clinics and conducts LTC pharmacy operations; and Health Care Benefits, which provides a range of voluntary and consumer-directed health insurance products and related services, including medical, pharmacy, dental and behavioral health plans.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
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