Walgreens Boots Alliance Stock Has 87% Upside, According to 1 Wall Street Analyst
It's been a difficult decade for investors in retail and pharmacy company Walgreens Boots Alliance (NASDAQ: WBA). The stock has been trending downward for years as persistent challenges soured market sentiment.
An analyst at TD Cowen remains optimistic that Walgreens stock could see a major rebound. While TD Cowen reduced its price target from $37 to $35 today, it maintained a buy rating on the stock. Based on the current stock price, the new price target implies an upside of about 87%.
While the TD Cowen analyst doesn't expect Walgreens' results to necessarily improve, a favorable risk/reward trade-off is at the foundation of the lofty price target. Walgreens narrowed its full-year guidance in March to reflect a "challenging retail environment in the U.S." and a few other issues. This new target is achievable, according to TD Cowen.
Source Fool.com