J.P. Morgan analyst Lisa Gill upgraded shares of Walgreens to Overweight from Neutral.
Walgreens Boots Alliance stock was rising Monday after an analyst cited confidence in shares of the beaten-down retail pharmacy chain following management changes.
Walgreens stock fell in September in response to news that Chief Executive Rosalind Brewer was stepping down from the role, but the shares had been dropping even before that. Walgreens cut its profit outlook in June, saying there was less demand for Covid-19 vaccines and testing, and that consumers were being cautious in their spending.On Oct.
The analyst wrote that she is encouraged by the experience Wentworth is bringing to Walgreens from previous roles, including at Express Scripts and Cigna Group . She also anticipates Walgreens will cut its quarterly dividend of 48 cents a share, and will prioritize reducing debt.
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