Walgreens Boots Alliance price target lowered to $12 from $17 at UBS

UBS analyst Kevin Caliendo lowered the firm’s price target on Walgreens Boots Alliance to $12 from $17 and keeps a Neutral rating on the shares. The fiscal Q3 results underscored that pharmacy and front end gross margin pressures remain constant for Walgreens, and that there is little visibility into when core pharmacy fundamentals will stabilize, the analyst tells investors in a research note. The firm says it has enough concern over the long-term viability of the business that it considers near-term adjusted earnings and adjusted EBITDA less relevant. UBS believes Walgreens’ valuation multiples only explain the current price, but do not suggest whether the stock is “cheap” or “expensive” versus historical ranges.