FMP
Walgreens Boots Alliance Surges 5% Following JP Morgan Upgrade
Oct 23, 2023 10:11 PM - Davit Kirakosyan(Last modified: Dec 19, 2023 5:49 PM)
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Walgreens Boots Alliance (NASDAQ:WBA) stock saw a 5% rise intra-day today following JPMorgan’s upgrade. The bank raised the company's rating from Neutral to Overweight with a price target of $30 (from $27). This change comes as Tim Wentworth takes over as CEO, ushering in what the analysts perceive as a "new era" for Walgreens.
The analysts appreciate Wentworth's extensive experience in healthcare services, citing his tenure at companies like Express Scripts and Cigna. The analysts pointed out that under Wentworth's leadership as the CEO of Express Scripts between 2016 and 2018, the company consistently met or surpassed its adjusted EPS projections every quarter.
Additionally, Walgreens’ fiscal 2024 guidance effectively outlines the key factors shaping the company's performance, emphasizing cost goals and the anticipation of a more stable year ahead.
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