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Fly News Breaks for June 15, 2015
CVS, TGT
Jun 15, 2015 | 09:37 EDT
Wells Fargo believes Target (TGT) will use the estimated after-tax net proceeds of about $1.2B from its pharmacy deal with CVS Health (CVS) for incremental share buybacks, estimating that each incremental billion in share buyback leads to approximately 6c in annual EPS. The firm also thinks the rebranding should drive incremental traffic to Target stores and keeps its Outperform rating on the stock, which is up about 1% to trade near $80 per share this morning.
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