UBS analyst Kevin Caliendo maintains a Sell rating and $50 price target on Walgreens Boots Alliance ahead of the company's Q1 report on January 8, saying that while he thinks the Q1 earnings bar "looks achievable," as the consensus is not reflecting SSS upside from a strong flu season and strong recent SSS trends from Walgreens and drug retail peers, he continues to model downside to U.S. Retail EBIT in FY20 and beyond on ongoing severe reimbursement pressure. Caliendo says the full impact of expected January reimbursement cuts primarily from ESI and Optum might not be clear until after Walgreens reports its results.