Walgreens Boots Alliance (NASDAQ:WBA) is scheduled to release its first-quarter Fiscal 2023 results on January 5, before the market opens. As per the TipRanks Website Traffic tool, total global visits to Walgreens’ websites fell 9.9% year-over-year in the fiscal first quarter. The decrease in website visits could indicate that demand for the company’s products and services was not strong during the quarter.
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Walgreens is a retail pharmacy chain with a presence in about 13,000 locations across the U.S., Europe, and Latin America.
A decline in COVID-19 cases in comparison to the same quarter last year is expected to have impacted the company’s top line. Nevertheless, Walgreens’ cost control measures, the prolonged flu season, and the expansion of its healthcare platform are likely to have supported the bottom line.
The company is expected to report earnings of $1.12 per share in Q1, lower than its year-ago figure of $1.68 per share. Meanwhile, revenue is pegged at $32.8 billion, representing a year-over-year drop of 3.2%.
Should You Buy WBA Stock?
On TipRanks, WBA has a Hold consensus rating based on three Buys, seven Holds, and one Sell. The average stock price target of $41.70 implies over 11.6% upside potential.
Ending Thoughts
Walgreens has made considerable progress toward moving beyond pharmacy retail with the help of the Summit Health-CityMD acquisition, announced in November 2022. The deal is expected to expand its revenues in the Healthcare segment. Nevertheless, involvement in opioid-related lawsuits and falling demand for vaccines could impact the results in the upcoming quarter.
