Walgreens Boots Alliance price target raised to $8.50 from $7.50 at BofA

BofA raised the firm’s price target on Walgreens Boots Alliance (WBA) to $8.50 from $7.50 and keeps an Underperform rating on the shares after the company reported a “better-than-expected quarter against relatively low expectations.” Following the quarterly report, the firm raised its target multiple to reflect the improving margin dynamics in the U.S. Retail Pharmacy segment, but still sees limited clarity on the trajectory of retail pharmacy profitability, which the analyst says “makes it more difficult to become more constructive on shares.”