Deutsche Bank downgrades Walgreens on worrying outlook for pharmacy stock

Walgreens ' management just flashed a warning sign for the year ahead, and Deutsche Bank thinks investors need to stay on the sidelines on the stock. The bank downgraded the pharmacy stock to hold from buy on Wednesday and lowered its price target to $34 per share price from $46. Deutsche's new forecast implies roughly 19% upside from Tuesday's close. Analyst George Hill said a Tuesday call from company management that lowered both fiscal fourth quarter and preliminary 2024 guidance underpinned the downgrade. WBA YTD mountain Walgreens stock is down...