Walgreens Boots Alliance price target lowered to $16 from $22 at TD Cowen

TD Cowen analyst Charles Rhyee lowered the firm’s price target on Walgreens Boots Alliance to $16 from $22 and keeps a Buy rating on the shares. The firm met with management and said the biggest takeaway management now expects to only close some amount over1K stores out of the ~2K stores that are included in its optimization plan, which is below initial expectations for ~2K closures. Cowen said given closing unprofitable stores as the most effective way to turnaround US Retail, they now believe this process likely takes longer than previously anticipated.