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JP Morgan upgraded Walgreens Boots Alliance (NASDAQ:WBA) to obese, citing the corporate’s new CEO and FY 2024 steerage.
Shares of Walgreens have been up 5% in noon buying and selling Monday.
The funding financial institution mentioned it was “inspired” by the experience that new CEO Tim Wentworth brings to the job, and believes that his onboarding “commences a brand new period for shares.” Wentworth formally began as CEO on Monday.
JP Morgan additionally mentioned that the corporate’s FY 2024 steerage “clearly articulated the various factors impacting general efficiency, emphasizing value targets and a cleaner 12 months forward.”
The financial institution mentioned that Walgreens’ money stream profile is predicted to enhance in FY 2024. It additionally believes buyers anticipate a dividend reduce as the corporate prioritizes debt discount.
JP Morgan raised its worth goal to $30 from $27 for the inventory.