Jefferies analyst Brian Tanquilut downgraded CVS (CVS) Health to Hold from Buy after assuming coverage of the name. Retail pharmacy market share losses are likely to limit the company’s ability to post meaningful earnings upside over the next 12 months, Tanquilut tells investors in a research note.

The analyst also believes investor concerns about Pharmacy Benefit Management contracting will become a key focus once the 2018 selling season starts. He cut his price target for CVS shares to $82 from $122.