The most recent downgrade came from Mizuho analyst Ann Hynes. She slashed Walgreens to neutral from buy on Monday, July 2, and her price target on the stock to $64 from $77.
Walgreens rose 1.5% on Monday to $60.90.
Lee reported last week that RBC analyst George Hill said the diversified assets of the pending CVS-Aetna Inc. (AET) combination "on a pro forma basis should enable CVS to better weather the risk that Amazon is able to grab pharmacy market share versus WBA." CVS in December agreed to acquire Aetna for $69 billion.
Hill lowered his price target on CVS to $84 from $91 on the heels of Amazon's PillPack deal, but said it won't be easy for Amazon to squeeze pharmacy margins in the near- to medium-term. He pointed to factors such as the "the stickiness of payer/pharmacy relationships, decreasing share of mail order, and PillPack's tiny market share."
CVS shares rose 0.2% to $64.47.