Walgreens Boots: Jefferies downgrades 'buy' rating
(CercleFinance.com) - Jefferies has downgraded its "buy" rating on the Walgreens Boots Alliance stock to "hold" and has cut its corresponding target price from 85 dollars to 65 dollars, following Amazon's announcement of its acquisition of PillPack.
The broker believes that the takeover of this online pharmacy specialist by the e-commerce giant should prevent the Walgreens Boots share, and its peer CVS to benefit from significant upside potential in the near term.
Q3 results, which saw weak sales trends on a comparable store basis, are likely to offset the positive impact of the 10 billion dollars share buyback program that was announced the day before, it continued.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The broker believes that the takeover of this online pharmacy specialist by the e-commerce giant should prevent the Walgreens Boots share, and its peer CVS to benefit from significant upside potential in the near term.
Q3 results, which saw weak sales trends on a comparable store basis, are likely to offset the positive impact of the 10 billion dollars share buyback program that was announced the day before, it continued.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.