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Fly News Breaks for June 20, 2016
CVS
Jun 20, 2016 | 08:08 EDT
As previously reported, Morgan Stanley downgraded CVS Health (CVS) to Equal Weight from Overweight. Analyst Ricky Goldwasser said competition in the PBM space is increasing with OptumTx, United Health's (UNH) PBM, emerging as a strong competitor and winning CVS maintenance choice accounts GE and Calpers. The analyst said Optum's combination of a compelling message and competitive pricing is resonating with customers and is likely to increase competition among PBMs in coming years, slowing CVS's pace of growth.