Walgreens ' management just flashed a warning sign for the year ahead, and Deutsche Bank thinks investors need to stay on the sidelines on the stock.
The bank downgraded the pharmacy stock to hold from buy on Wednesday and lowered its price target to $34 per share price from $46.
WBA YTD mountain Walgreens stock is down more than 23% so far this year.
Hill noted that Walgreens now expects fiscal 2023 adjusted EBITDA between losses of $380 million and $340 million.
Walgreens also cut its fiscal fourth-quarter earnings guidance and reported a weaker-than-expected fiscal third-quarter profit .
Persons:
George Hill, Hill, — CNBC's Michael Bloom
Organizations:
Walgreens, Deutsche Bank, WBA
Locations:
F3Q