Jim Cramer Says CVS Stock Could Go to All-Time Highs

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CVS  (CVS) - Get Report got an upgrade from Jeffries on Friday to a buy from a hold due to optimism around coronavirus vaccines.

“Vaccination activity should also drive store traffic and aid SSS [same store sales performance] for CVS's retail pharmacies,” Analyst Brian Tanquilut wrote in a commentary.

“Strong free cash flow should fund debt paydowns, bring down leverage, and help restart share buybacks,” he said. “CVS' role in Covid vaccination should drive earnings-per-share upside over the next 12 months.” Tanquilut estimated “gross profit opportunity” of about $1 billion.

Watch: Everything Jim Cramer Is Watching in the Markets Friday

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