RBC Capital lowered the firm’s price target on Walgreens Boots Alliance to $26 from $29 and keeps a Sector Perform rating on the shares after its Q4 EPS miss. The firm was impressed with the company’s various initiatives, which could drive $2.1B in free cash flow improvement and more than offset lower earnings expected in FY24, the analyst tells investors in a research note. RBC further states that while Walgreens Boots Alliance decided to hold the dividend at this time, it believes this will promote stability in the stock price after investor speculation that it could be cut.
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