Jefferies Downgrades Walgreen (WAG) to Hold

Jefferies downgraded Walgreen (NYSE: WAG) from Buy to Hold with a price target of $36 (down form $46).

The firm comments, "Despite building execution acumen driving front-end results, our proprietary payor survey suggests that WAG’s negotiating position is rather weak, while the economics of the current offer from ESRX are quite unfavorable. Given these dynamics, we now view it likely that a significant portion of the ESRX business is lost and we are reducing our EPS and rating accordingly."

For more ratings news on Walgreen click here and for the rating history of Walgreen click here.

Shares of Walgreen closed at $33.89 yesterday.

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