RBC Capital lowered the firm’s price target on Walgreens Boots Alliance (WBA) to $9 from $13 and keeps a Sector Perform rating on the shares. The firm is updating its model to reflect the management’s expectation of U.S. Retail Pharmacy headwinds continuing next year, the analyst tells investors in a research note. RBC adds that it is continuing to value Walgreens at 6-times expected 2025 adjusted EPS estimate, which continues to reflect a discount to the stock’s historical average and a discount to retail pharmacy peers, though the company’s discount valuation is appropriate to reflect a slower EPS growth trajectory.
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