What's Going On With Walgreens Boots Alliance Stock Wednesday
Portfolio Pulse from Vandana Singh
Walgreens Boots Alliance Inc (WBA) has lowered its FY23 annual guidance due to consumer spending uncertainty and a larger-than-expected drop in COVID-19 product sales. The company expects Q4 to be negatively impacted by a higher effective tax rate, shifting U.S. consumer spending, and a weaker respiratory season. Walgreens' shares hit their lowest in more than 11 years. The company also plans to close 300 Boots stores in the U.K. and 150 Walgreens branches in the U.S. Deutsche Bank downgraded the stock from Buy to Hold, lowering the price target from $46 to $34. Bank of America Securities reiterated a Sell rating on the company.
June 28, 2023 | 1:23 pm
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Walgreens Boots Alliance has lowered its FY23 guidance and plans to close several stores, leading to a drop in its share price. Analysts have downgraded the stock and lowered the price target.
The company's lowered guidance and plans for store closures indicate potential financial difficulties, which have led to a drop in its share price. This is further compounded by analysts downgrading the stock and lowering the price target, indicating a lack of confidence in the company's performance.
CONFIDENCE 90
IMPORTANCE 100
RELEVANCE 100