Rite Aid agreed on Wednesday to acquire pharmacy benefit manager, Envision Pharmaceutical Services for $2 billion in cash and stock. TheStreet’s Jim Cramer says that’s what made CVS into the great healthcare company that it is and not just a drug store, and Rite Aid can do the same. Stock will go to $9 because the combination of pharmacy benefit manager and how well the stores are doing up front plus their amazing remodeling is going to make it so you really do have the big 3: Walgreens which is more international, CVS which is more of a healthcare company, and Rite Aid which is a hybrid. Cramer says, ‘This was a brilliant move: game, set, match: Rite Aid is now a real growth stock.’
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