Cowen Upgrades Walgreens Boosts Alliance (WBA) to Outperform

Cowen upgraded Walgreens Boosts Alliance (NASDAQ: WBA) from Market Perform to Outperform with a price target of $104.00 (from $90.00), citing improving underlying fundamentals.

Analyst Charles Rhyee commented, "We are upgrading shares to Outperform as we believe the recent selloff presents an attractive entry point. We think recent financial performance makes cost reduction and synergy targets appear conservative, leading us to raise our FY16 estimates 6% above consensus. Furthermore, recent front-end initiatives appear likely to offset Rx margin pressures. M&A optionality adds further potential upside."

For an analyst ratings summary and ratings history on Walgreens Boosts Alliance click here. For more ratings news on Walgreens Boosts Alliance click here.

Shares of Walgreens Boosts Alliance closed at $90.09 yesterday.

You May Also Be Interested In