Walgreen (WAG) Price Target Reduced to $69 at Deutsche Bank

Deutsche Bank maintained a Buy rating on Walgreen (NYSE: WAG) with a price target of $69.00 (from $81.00).

Analyst George Hill said, "We have taken a couple days to digest the Walgreens update and call, and take this opportunity to explain what went wrong, with the shares now down ~15% from their preannouncement highs in just a few days. While much was expected on the call, we believe the stock performance is tied to the negative operating earnings revisions versus prior targets. While there are several moving parts weighing on results, including the inversion thesis that never materialized, even inversion could not have saved shareholders from this outcome given the weakness in the core business. We maintain a Buy rating on attractive valuation and upside to our revised $69 price target."

For an analyst ratings summary and ratings history on Walgreen click here. For more ratings news on Walgreen click here.

Shares of Walgreen closed at $61.99 yesterday.

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