It's rare when a well-capitalized stock is poised to nearly double. According to one market prognosticator, Walgreens Boots Alliance (NASDAQ: WBA) is one of those elusive creatures -- even though the analyst actually lowered his price target on the shares recently. The pharmacy chain operator is irresistibly cheap at current valuations, and its full-year guidance is realistic, in his view.

In early April, TD Cowen's Charles Rhyee made the price target cut. Well, actually, it was more like a shave. He reduced it by $2 to $35 per share. Given that the latter is 89% higher than Walgreens's most recent closing stock price, it nearly goes without saying that he maintained his existing buy recommendation on the company.

Rhyee's adjustment came mere days after the pharmacy company unveiled its second quarter of fiscal 2024 results. It managed to grow both revenue and non-GAAP (adjusted) profitability, and as a bonus, both line items came in notably above the consensus analyst estimates.

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Source Fool.com