BofA analyst Michael Cherny noted that Walgreens Boots Alliance cut guidance in the first or second quarter of its fiscal year in two of the past three years due to worse than expected reimbursement pressures and he believes a similar dynamic of gross margin pressures remains in place in 2020. Since most reimbursement changes begin on January 1 he would not be surprised to see a guidance reduction with the company's report in early April of its fiscal second quarter results, said Cherny, who reiterates his Underperform rating and $50 price target on Walgreens shares.