Walgreens Boots Alliance price target lowered to $22 from $35 at TD Cowen

TD Cowen analyst Charles Rhyee lowered the firm’s price target on Walgreens Boots Alliance to $22 from $35 and keeps a Buy rating on the shares. The price target update reflects Q3 results, revised FY24 guidance, and management’s FY25 commentary. While a turnaround will be challenging, the firm is encouraged by the actions management is taking, including accelerated store closures and reconfiguring the retail experience, and awaits further financial details in October, the analyst tells investors in a research note.