J.P. Morgan Reiterates Overweight on CVS Caremark (CVS)

J.P. Morgan is out with its report on CVS Caremark CVS, reiterating Overweight in anticipation of CVS reporting Q4 10 results this Thursday. In a note to clients, J.P. Morgan writes, "Overall, we believe CVS Caremark could deliver 4Q10 EPS at or above expectations, driven by potential upside in retail pharmacy comps coupled with the positive impact of increased generic utilization. On the guidance front, we believe expectations are low, and an initially conservative adjusted EPS range of $2.75-$2.85 should be well-received. Our revenue estimate of $24.95B (-3.4% y/y) is slightly below Bloomberg consensus of $24.96B. We forecast adjusted EPS of $0.79 (+0.6% y/y), in line with Bloomberg consensus. Recall that the company guided to 4Q10 adjusted EPS of $0.78-$0.80." J.P. Morgan has a $45 PT on CVS. At the time of posting, shares of CVS were trading at $34.44, up 0.70% from Monday's close.