UPDATE: Jefferies Color On CVS Target Increase

Jefferies, which raised its PT on shares of CVS Caremark Corporation CVS, is providing some color on the stock. “CVS Caremark CEO Larry Merlo directly confronted detractors, aggressively rebuking anti-competitive accusations,” Jefferies writes. “Mr. Merlo also tried to dispel any speculation that the company's vertical retail/PBM model would be broken apart and outlined a detailed five point plan to drive PBM operating performance. With our research indicating improving execution, perhaps investors will finally reap the promise of the merger.” CVS closed Thursday at $36.79.