Investing.com - Call it the Amazon (NASDAQ:AMZN) effect.
Drugstore chain Walgreens Boots Alliance (NASDAQ:WBA) has been downgraded by Jefferies, following Amazon's move into the pharmacy business with its planned acquisition of online pharmacy PillPack.
Jefferies lowed its rating from hold to buy and slashed its stock price forecast by almost 25%.
In a note to clients, the Wall Street firm said Amazon's acquisition will weigh on Walgreens' stock in the near-term and "potentially impact earnings performance" in the next one to two years.
Walgreens shares fell 10% on the Amazon news and are now down 25% from their late January peak.