Drugstore chain operator Walgreen Company (WAG) on Tuesday saw its price target and earnings estimates lowered by analysts at UBS.
The firm said it now expects WAG shares to reach $40, suggesting a smaller 22% upside to the stock’s Monday closing price of $32.75.
UBS maintained its “Buy” rating on WAG but cut its earnings estimates to reflect more realistic expense reductions, which will partially offset lower sales.
Walgreen shares were unchanged in premarket trading Tuesday.
The Bottom Line
Shares of Walgreen Co. (WAG) have a 2.75% dividend yield, based on last night’s closing stock price of $32.75. The stock has technical support in the $29-$30 price area. If the shares can firm up, we see overhead resistance around the $36 price level.
Walgreen Company (WAG) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
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