Deutsche Bank downgrades Walgreens Boots to hold, citing outlook
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Deutsche Bank has cut its rating on Walgreens Boots Alliance (NASDAQ:WBA) to hold in the wake of the pharmacy chain's disappointing fiscal Q4 and preliminary fiscal 2024 outlook.
The investment bank said the key factors driving the downgrade were lowered profitability in the company's core retail pharmacy business and "delayed inflection" in the profitability of its healthcare division. 
"As these were the two key pillars of our investment case for WBA shares in November 2022, we now have less confidence in the turnaround of either segment," Deutsche Bank added.
The bank also lowered its price target on the stock to $34 from $46. 
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