NEW YORK (TheStreet) -- Shares of CVS Health Corp.  (CVS - Get Report) are higher by 0.69% to $102.93 in pre-market trading Monday, after the drugstore operator announced that it will acquire Target's (TGT) pharmacy and clinic businesses for roughly $1.9 billion.

TheStreet's Jim Cramer, Portfolio Manager of the Action Alerts PLUS Charitable Trust Portfolio says, "Here's a win for everyone. Plenty of new customers for CVS. Plenty of traffic and bucks up front for Target."

"Both stocks should run even with Greece gumming up the works! " he added.

CVS will buy more than 1,660 Target pharmacies in 47 states.

The two companies said the pharmacies and clinics will be run through a store-within-a-store format.

The pharmacies will continue to be operated in Target stores under the CVS brand.

CVS noted that if the deal closes near the end of the year, its 2016 adjusted earnings per share will be lower by 6 cents, but then add 10 cents in 2017 and 12 cents in 2018 and beyond.

Due to the deal, CVS will cut its share repurchases in 2015 to $5 billion from $6 billion, which will reduce its adjusted 2015 EPS by 1 cents, and 2016 EPS by about 4 cents.

Woonsocket, R.I.-based CVS Health is a pharmacy healthcare provider with business segments in pharmacy services, retail pharmacy and corporate, providing pharmacy benefit management services throughout the U.S.

Insight from TheStreet's Research Team:

CVS Health is a core holding of the portfolio. Here's a snippet of what Bryan Ashenberg and Bob Lang, Portfolio Co-managers wrote in a recent post:

This morning, news hit that model portfolio holding CVS Health (CVS) will acquire Target's (TGT - Get Report) pharmacy and health clinic businesses for about $1.9 billion.

CVS will operate the stores as a store within a store, and rebrand Target's health clinics as MinuteClinics. The companies also agreed to jointly develop five to 10 small, flexible format stores over a two-year period that will be branded as a TargetExpress store and include a CVS pharmacy.

- Bryan Ashenberg and Bob Lang, ' The Target Deal Is Bullish for CVS ' originally published 6/15/2015 on

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Separately, TheStreet Ratings team rates CVS HEALTH CORP as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:

"We rate CVS HEALTH CORP (CVS) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, growth in earnings per share, increase in net income, largely solid financial position with reasonable debt levels by most measures and solid stock price performance. We feel its strengths outweigh the fact that the company shows low profit margins."

You can view the full analysis from the report here: CVS Ratings Report