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Fly News Breaks for February 27, 2020
RAD
Feb 27, 2020 | 07:45 EDT
Guggenheim analyst Glen Santangelo upgraded Rite Aid to Neutral from Sell and removed his prior $12 price target ahead of the company's upcoming analyst day. Given what he sees as "very low expectations," Santangelo believes management will outline a number of accomplishments and strategic initiatives that may be well received by investors, he tells investors. While a "large part" of the bear thesis has revolved around the upcoming "2023 debt wall, he believes the company is taking appropriate steps to restructure, Santangelo added.
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