Bernstein lifted CVS Health from Market Perform to Outperform, raising its price target to $94 from $91 and projecting 23% upside for shareholders. The upgrade reflects reduced uncertainty around pharmacy benefit manager reforms, with transparency bills and model changes expected to stabilize PBM margins and support higher valuations. Analysts highlighted CVS Health's Aetna unit, forecasting nearly double earnings over the next three years as Medicare Advantage margins normalize, driving growth in the insurance segment. Bernstein nudged its forward EPS multiple to 12x based on projected 9% CAGR in EPS from 2027 to 2029, while anticipating modest growth in 2026 before a rebound.