Walgreens Boots Alliance price target lowered to $42 from $44 at Truist

Truist analyst David MacDonald lowered the firm’s price target on Walgreens Boots Alliance to $42 from $44 and keeps a Hold rating on the shares. The analyst is updating his estimates to reflect the company’s Q1 results along with its raised sales guidance and reaffirmed FY23 adjusted EPS guidance. While he continue to view trends in overall pharmaceutical services as solid given aging population, utilization growth, and increased specialty demand, he sees headwinds in the Walgreens retail business, MacDonald tells investors in a research note.