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On Thursday, Walgreens Boots Alliance Inc (NASDAQ: WBA) reported third-quarter fiscal year 2024 sales of $36.35 billion, up 2.6% year over year (+2.5% on constant currency), beating the consensus of $36 billion.
Walgreens Boots Alliance has cut its fiscal year 2024 adjusted EPS guidance to $2.80-$2.95, compared to prior guidance of $3.20-$3.35 and consensus of $3.22.
As the earnings fell short of Wall Street estimates, the pharmacy chain revealed it would close a “significant” number of stores in the face of “headwinds.”
The disappointing earnings report caused shares to tumble as much as 25%.
Analyst reactions:
Barclays maintains the Underweight rating and lowers the price target from $15 to $11, stating Walgreens Boots Alliance cut its fiscal year 2024 EPS guidance on continued macro headwinds, which it expects to persist to fiscal year 2025.
BofA Securities reiterates the Underperform rating and lowers the price target to $11 from $22, citing headwinds that will persist/limited positive catalysts.
Evercore ISI maintains Walgreens Boots Alliance with an In-Line rating, lowering the price target from $17 to $10.
Price Action: WBA shares are down 0.90% at $12.08 at last check Friday.
Photo via Wikimedia Commons
Posted In: WBA