Walgreens Boots Alliance downgraded to Neutral from Buy at Citi. Citi analyst Ralph Giacobbe downgraded Walgreens Boots Alliance (WBA) to Neutral after assuming coverage of the name. The analyst lowered his price target for the shares to $69 from $76. The analyst finds it difficult to argue for “meaningful multiple expansion” given headwinds from industry pressures and a dynamic and changing backdrop. Further, Amazon’s (AMZN) recent acquisition of PillPack reignites “further competitive fears,” Giacobbe tells investors in a research note.
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