Drug store chain operator Walgreen Company (WAG) on Monday saw its price target lowered by analysts at Morgan Stanley.

The firm maintained its “Overweight” rating on WAG but cut its price target from $50 to $45. That new target suggests a smaller 22% upside to the stock’s Friday closing price of $36.96.

Walgreen shares, which have fallen around 5% year-to-date, fell 41 cents, or -1.1%, in premarket trading Monday.

The Bottom Line
Shares of Walgreen Company (WAG) have a 2.44% dividend yield, based on Friday’s closing stock price of $36.96. The stock has technical support in the $34-$36 price area. If the shares can firm up, we see overhead resistance around the $38-$40 price levels.

Walgreen Company (WAG) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.