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NEW YORK (TheStreet) -- Walgreens Boot Alliance's (WBA) stock price target was raised at Deutsche Bank to $94 from $93 in a note released Tuesday.

The firm has a "buy" rating on shares of the Deerfield, IL-based pharmacy company.

The increase follows a new partnership between the company and privately-held pharmacy benefit manager (PBM) Prime Therapeutics, announced on Monday.

Under the terms of the deal, the companies will combine their central mail-order and specialty pharmacy businesses and Walgreens will become the core participant in Prime's national preferred pharmacy network, according to a company statement.

Deutsche Bank said it views this partnership "positively," and noted Walgreens how has agreements with three of the country's four largest pharmacy benefit managers, including Express Scripts (ESRX), OptumRX and now Prime.

"This is consistent with our thesis that Walgreens is looking to be the pharmacy provider of choice to every PBM not owned by CVS (CVS)," the firm added.

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Shares of Walgreens were lower in mid-morning trade on Tuesday.

(Walgreens is held in Jim Cramer's charitable trust Action Alerts PLUS. See all of his holding with a free trialhere.)

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 rated this stock as a "buy" with a ratings score of A-.

The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and good cash flow from operations. We feel its strengths outweigh the fact that the company has had sub par growth in net income.

You can view the full analysis from the report here: WBA

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