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CVS Health to rally 24%, UBS says

Tom Starkweather | Bloomberg | Getty Images

UBS initiated coverage on CVS Health shares with a buy rating, predicting continued sales and profit growth in coming years.

"CVS continues to improve health outcomes through an integrated approach to care management, leveraging the service offering of the PBM [pharmacy benefits manager] with its integrated pharmacy network, further supplemented by ancillary services within the retail setting (such as MinuteClinic)," analyst Michael Cherny wrote in a note to clients Wednesday.

"[The company is a] unique mega cap growth asset with sustained growth."