Walgreens Boots Alliance price target lowered to $13 from $22 at RBC Capital

RBC Capital lowered the firm’s price target on Walgreens Boots Alliance to $13 from $22 and keeps a Sector Perform rating on the shares. The analyst cites the company’s weaker than expected Q3 results reported last week, along with the management’s guidance cut, while reducing the firm’s FY25 EPS view to $2.10 from $3.20 and noting the continuation of retail and pharmacy headwinds into next year. These include the softer than expected consumer backdrop as well as unfavorable pharmacy mix and reimbursement trends, RBC states, adding that while it is encouraging to see strategic efforts take shape early in the review process, Walgreens management still sees an extended runway to retail turnaround.