Investors should pounce on CVS' current attractive valuation, according to Evercore ISI.
The firm upgraded the health and pharmacy stock to outperform from in-line in a Tuesday note, accompanied by an $83 per share price target up from $81.
CVS stock has slipped more than 24% from the start of the year.
CVS YTD mountain CVS stock.
"CVS, like many [managed care organizations], is a complex organization, and we see a number of factors swinging in a positive direction, pointing to both a higher degree of confidence in [management's] outlook as well as supportive of higher valuation," Anderson said.
Persons:
Elizabeth Anderson, Anderson, CNBC's Michael Bloom
Organizations:
CVS, ISI, Centers, Medicare, Services