Deutsche Bank analyst Glen Santangelo maintained a Hold rating on Rite Aid but cut his price target to $1.60 from $2.25 after re-evaluating the company as a standalone business following the termination of the merger agreement with Albertsons. In a research note to investors, the analyst says he believes the outlook will continue to be weighed down by the challenges facing the retail pharmacy industry such as declining volume and reimbursement pressure, and thinks that the fundamental challenges ahead for Rite Aid will make it difficult for the company to find a sustainable growth path on a standalone basis.
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