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Walgreens Boots Alliance initiated with a Hold at HSBC

Walgreens Boots Alliance initiated with a Hold at HSBC

HSBC initiated coverage of Walgreens Boots Alliance with a Hold rating and $27 price target. The company has a strategy to realign its cost base and resize its footprint, and its capital expenditure cuts should protect and improve cash flow generation, the analyst tells investors in a research note. The firm says that while overcoming near-term operational challenges “could unlock incredible value,” Walgreens faces significant execution risks.

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