Walgreens Boots Alliance price target raised to $12 from $9 at RBC Capital

RBC Capital analyst Ben Hendrix raised the firm’s price target on Walgreens Boots Alliance (WBA) to $12 from $9 and keeps a Sector Perform rating on the shares. The firm is positive on the stock rising significantly following solid Q1 results and VillageMD sales commentary, adding that while pharmacy reimbursement is a multi-year challenge, RBC is encouraged by turnaround progress to-date, especially the reiteration of 500 store closures this year, the analyst tells investors in a research note. Based on the turnaround progress at Walgreens, RBC is boosting its assumed forward earnings multiple to 7.5 from 6.0-times.