Walgreens Boots Alliance Inc. (WBA)  analysts have stopped believing.

After last week's announcement that Amazon.com Inc. (AMZN) acquired PillPack, an online pharmaceutical retailer, multiple analysts downgraded shares of the drug store chain. 

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.

TheStreet's Armie Margaret Lee reported that CVS Health Corp. (CVS) wooudn't be as vulnerable to Amazon's "Trojan horse" as Walgreens. 

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.

Amazon is a holding in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells AMZN? Learn more now.

More from Markets

Hormel's Jennie-O Recalls 91,388 Pounds of Turkey on Salmonella Fears

Hormel's Jennie-O Recalls 91,388 Pounds of Turkey on Salmonella Fears

Pfizer Plans Price Hikes for 41 Drugs Next Year

Pfizer Plans Price Hikes for 41 Drugs Next Year

Nvidia Shares Tank as Analysts Cut Price Targets

Nvidia Shares Tank as Analysts Cut Price Targets

Homebuilder Stocks Rebound From Dip on Rate Hike Expectations

Homebuilder Stocks Rebound From Dip on Rate Hike Expectations

Dow Ends Higher on Dovish Trump Tariff Comments; Nasdaq Falls

Dow Ends Higher on Dovish Trump Tariff Comments; Nasdaq Falls