Walgreens Boots Alliance price target lowered to $21 from $22 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Walgreens Boots Alliance to $21 from $22 and keeps an Underweight rating on the shares. Ahead of the company’s Q2 report, the firm is tempering its FY24 EPS estimate to $3.24 from $3.35 to reflect a variable consumer backdrop. While “hopeful” about Walgreens’ turnaround prospects, cost cutting, and pruning of assets, the firm awaits detail on the new CEO’s vision and tells investors it is “still likely too early.”