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DRUG SUPPLY CHAIN

2Q18

RETAIL PHARMACY/PBM

1Q18

RETAIL PHARMACY/PBM

DRUG WHOLESALERS

HEALTH PAYERS

Retail Pharma/PBM

Ticker
CVS
WBA
RAD
ESRX
​DPLO
Mkt. Price 7/12/18
$67.99
$63.88
$1.65
$81.61
​$26.13
Fwd P/E
9.2
9.9
21.4
8.6
​23.0
YTD
-7.5%
-14.8%
-22.5%
8.5%
​24.4%
Rating
Buy
Buy
Hold
Hold
​Buy
Price Target
$80.00
$74.00
​$1.90
$82.00
​$30.00
PT Upside
18%
16%
​15%
0%
​15%
Dividend Yield
2.96%
2.78%
​n/a
n/a
​n/a

Drug Wholesalers

Ticker
ABC
CAH
​MCK
Mkt. Price 6/08/18
$86.09
$53.35
$145.37
Fwd P/E
11.9
10.1
​10.0
YTD
-8.5%
-15.6%
​-8.6%
Rating
Buy
Buy
​Hold
Price Target
$95.00
$60.00
​$155.00
PT Upside
10%
12%
​7%
Dividend Yield
1.65%
3.56%
​0.93%

Health Payers

Ticker
AET
ANTM
CI
HUM
​UNH
Mkt. Price 5/24/18
$177.50
$230.62
$175.81
$293.59
$242.77
Fwd P/E
14.6
13.7
12.1
17.6
​17.0
YTD
-2.0%
2.0%
-13.2%
16.7%
​9.8%
Rating
Buy
Hold
​Buy
Buy
Buy
Price Target
$205.00
$250.00
$200.00
$300.00
​$270.00
PT Upside
16%
8%
14%
2%
​11%
Dividend Yield
1.12%
1.26%
​0.02%
0.70%
​1.30%

RETAIL PHARMACY INITIATION
​& 4Q17 EARNINGS

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

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