Walgreens Boots Alliance price target lowered to $58 from $75 at SunTrust

SunTrust analyst David MacDonald lowered his price target on Walgreens Boots Alliance to $58 and kept his Hold rating after its “weak” Q2 results and a “meaningful” cut to its guidance. The analyst says the outlook changes were driven by “reimbursement headwinds, sluggish retail volumes, and a challenging UK operating environment”. In spite of the management’s “several mitigation efforts”, MacDonald contends that industry challenges will not “meaningfully abate in the near/intermediate term”, adding that it will take time for Walgreens Boots management to “drive increased efficiency and re-accelerate growth.”

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