CVS removed from recommended buy list

New York City A Goldman Sachs analyst took CVS Caremark Corp. shares off a list of recommended stocks Wednesday following a recovery in the drug store chain's stock price, according to the Associated Press.

John Heinbockel took the stock off Goldman's Americas Conviction Buy List, which contains stocks with the strongest "Buy" rating. He still has a "Buy" rating on shares of the company.

CVS Caremark shares dropped 20% on Nov. 5 after the company reported billions of dollars in contract losses for its Caremark pharmacy benefits management unit. But the shares have recovered most of their losses since then.

Heinbockel said Wednesday he had expected the stock to rally due to its low price, and better news for Caremark.

CVS Caremark is scheduled to report its fourth-quarter results on Monday.