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RETAIL PHARMACY INITIATION & 4Q17 EARNINGS

HEALTHCARE MERGERS (CVS/Aetna & Cigna/ESRX): PUTS & TAKES

DRUG SUPPLY CHAIN

Retail Pharma/PBM

Ticker
CVS
WBA
RAD
ESRX
​DPLO
Mkt. Price 4/20/18
$65.12
$63.92
$1.58
$73.49
​$20.75
Fwd P/E
9.7
10.0
52.7
7.2
​22.6
YTD
-11.4%
-14.7%
-25.8%
-2.3%
​-1.2%
Rating
Buy
Buy
Hold
Hold
​Buy
Price Target
$80.00
$80.00
​$1.90
$82.00
​$26.00
PT Upside
23%
25%
​20%
12%
​25%

Drug Wholesalers

Ticker
ABC
CAH
​MCK
Mkt. Price 4/20/18
$89.87
$62.07
$146.25
Fwd P/E
12.2
10.1
​10.9
YTD
-4.4%
-1.8%
​-8.0%
Rating
Buy
Buy
​Buy
Price Target
$95.00
$70.00
​$160.00
PT Upside
6%
13%
​9%

Health Payers

Ticker
AET
ANTM
CI
HUM
​UNH
Mkt. Price 4/20/18
$176.92
$226.07
$169.94
$294.12
$235.06
Fwd P/E
14.5
13.5
11.7
17.7
​16.7
YTD
-2.1%
0.0%
-16.1%
16.9%
​6.3%
Rating
Buy
Buy
​Buy
Buy
Buy
Price Target
$205.00
$280.00
$220.00
$300.00
​$270.00
PT Upside
16%
24%
29%
2%
​15%

1Q18

RETAIL PHARMACY/PBM

CONSUMER RETAIL

  2017

2016

Ticker

Rating

Price Target
 Upgrade to BUY

NKE

BUY

$70
 Upgrade to BUY

UAA

BUY

$23

FL

BUY

$47
                                           ​​Upgrade to HOLD

FIT

HOLD

$6.50
                                           ​Upgrade to BUY

GPRO

BUY

$13