Biz Brief: Analysts Weigh In on CVS, Walgreen Dispute
Several analysts have weighed in. Thomas Weisel cut Walgreen from overweight to market weight and lowered its price target to $30 from $45. The analyst estimated the lost CVS sales would equate to roughly $4.6 billion in annual revenue. Barclays also lowered its price target on Walgreen from $36 to $27, but kept its equal weight rating, while UBS downgraded Walgreen from buy to neutral. And although CVS actually earned an upgrade from Caris, it couldn't bounce back.
On Friday, CVS shares were down 0.9% and Walgreen shares down 2.2% as of 1:45 p.m. Eastern.