- Jefferies downgrades Walgreens (NASDAQ:WBA) from Buy to Hold after Amazon’s (NASDAQ:AMZN) purchase of online pharmacy startup PillPack.
- Analyst Brian Tanquilut: “We believe that the NT earnings impact to WBA from AMZN's acquisition of PillPack is likely immaterial, but the perception and concern that AMZN will successfully integrate PillPack into its consumer offering (1-2 years out) will likely weigh on WBA stock NT and potentially impact actual earnings performance LT.”
- Price target dropped from $85 to $65, a 9% upside to yesterday’s close.
- More action: Baird drops Walgreens to Neutral from Outperform and the price target from $86 to $64.
- Walgreens shares are up 0.3% to $59.86. Shares are down 11.9% in the past week.
- Previously: Amazon acquires online pharmacy start-up PillPack (June 28)
- Previously: Pharmacy, drug distributor stocks fall on Amazon's PillPack acquisition (June 28)
- Previously: BAML cuts Walgreens to Underperform; shares down 10% on session (June 28)
- Previously: Loop Capital analyst calls Amazon's PillPack acquisition a "shot across the bow" (June 28)
- Previously: Tough time for Walgreens in DJIA club (June 29)
- Now read: Amazon Couldn't Justify A 0 Billion Market Cap On A 350 P/E Ratio
Original article