CVS Health Corp

CVS: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$61.00	Tntqgd	Zrcmsxc

CVS Shares Remain Undervalued After Turning in Strong Q3 and Increasing 2022 Outlook

Julie Utterback

Nov 2, 2022

Narrow-moat CVS Health turned in strong third-quarter results, and management increased its 2022 adjusted EPS and operating cash flow outlook. At first glance, the firm's performance is tracking roughly in line with our EPS estimates and slightly above our cash flow estimates. However, even after tinkering with our near-term assumptions, our $113 fair value estimate has not changed materially, and shares remain moderately undervalued.

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