NEW YORK (TheStreet) -- Shares of Walgreens Boots Alliance (WBA) - Get Report  are up 0.12% to $81.65 as the company's price target was raised this morning to $79 from $76 with an "equal weight" rating at Barclays

The price increase comes after the Deerfield, IL-based pharmaceutical company delivered their fiscal 2016 Q3 results Wednesday. Barlcays believes "WBA has executed well against synergy and cost reduction targets," according to the analyst note. 

"WBA/AB synergies are running ahead of schedule with the $1bn goal reached in June and WBA is on pace to meet the targeted goal for cost reduction of $1.0bn by FY16 and $1.5bn by FY17," the firm said. 

Despite this, the firm's margin expectations for Walgreens were not met. The decline in margins can be attributed to "reimbursement pressures," sourcing benefits that didn't contribute as much as the company expected, and "the decline in Gx inflation," Barclays wrote.  

Gross margins declined -52bps y/y, compared to Barclay's expected -6bps decline. 

(Walgreens Boots Alliance is held in Jim Cramer's charitable trust Action Alerts PLUS. See all of his holdings with a free trial.)

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:

We rate WALGREENS BOOTS ALLIANCE INC as a Buy with a ratings score of A-. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations, largely solid financial position with reasonable debt levels by most measures and notable return on equity. We feel its strengths outweigh the fact that the company has had sub par growth in net income.

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