By Carly Forster
Walgreen Company (NYSE:WAG)’s may be making their way to Europe!
Walgreen’s in the News
The U.S. Federal Reserve is treading carefully with raising rates amid the widespread economic, macro and geopolitical uncertainties sweeping around the world. The Fed raised its target level as high as 20% in the early 1980s to deal with runaway inflation, but we're a far cry from that today — a time when inflation threatens Read More
Walgreen Company (NYSE:WAG)’s has spent the last three years working on acquiring European drugstore mogul, Alliance Boots. The deadline is coming up and an option is still in the air that could potentially relocate Walgreen’s from the United States in order to avoid higher corporate taxes. Walgreen’s Chief Executive Officer Greg Wasson noted that he intends to reveal the company’s plans by the end of July or early August. He went on to say “We are looking at all and everything ….That’s complex stuff as we look through this.” He continued, “We will be accelerating our optimization efforts, including taking additional steps to lower expenses companywide.”
What Does This Mean For Walgreen’s Stock?
On June 23, Cantor Fitzgerald analyst Ajay Jain maintained a SELL rating for Walgreen Company (NYSE:WAG) with a $50 price target. He noted some long term negatives, including “political dimensions, a possible PR nightmare and backlash from customers.” Jain has a +13.1% average return on all stocks and a 45% success rate in making recommendations.
On The other hand, on June 25 Morgan Stanley analyst Ricky Goldwasser reiterated an Overweight rating on Walgreen Company (NYSE:WAG)’s, but removed his $85 price target. He explained that the “Investor call at end of July/early August, providing the stage for WAG/AB management to unveil Step 2, is next catalyst for shares. Inversion, capital structure, and earnings roadmap are key to watch for.” Goldwasser has a +7.3% average return on all stocks and a 59% success rate in making recommendations.
These financial experts have very different opinions of if to add Walgreen’s to your portfolio. Who do you trust?
To view all recommendations for Walgreen Company (NYSE:WAG), visit TipRanks today!
Carly Forster writes about stock market news. She can be reached at Carly@tipranks.com