New York, July 20 (FinanceEnquiry.com) – Analyst Joseph Agnese at S&P CAPITAL IQ reiterates HOLD ratings on the shares of Walgreen Company (NYSE: WAG). The 12-month target price has been raised from $33 to $37.
In a research note published yesterday, the analyst mentions that the target price is based on P/E analysis after WAG announced a new pharmacy network agreement with Express Scripts Holdings (NASDAQ: ESRX).
However, the FY12 EPS estimates for August have been reduced from $2.69 to $2.63 to include the negative sales impact of the loss of customers till August-Q and the increased spending, needed to attract customers back. Also, it has been believed that this agreement would increase concerns over the contract with Medco Health Solutions (NYSE: MHS), expiring by the end of 2012, the analyst says.
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