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RAD

Rite Aid

$2.29

-0.02 (-0.87%)

, WBA

Walgreens Boots Alliance

$77.40

0.93 (1.22%)

16:31
01/22/18
01/22
16:31
01/22/18
16:31

Rite Aid provides update on sale of assets to Walgreens Boots Alliance

Rite Aid Corporation (RAD) provided an update on the progress of its plans to sell stores to Walgreens Boots Alliance (WBA) pursuant to the previously disclosed Amended and Restated Asset Purchase Agreement, dated as of September 18, 2017. As of January 22, 2018, Rite Aid has transferred 625 stores and related assets to WBA, and has received cash proceeds of $1.3098B, which it is using to repay all of its $970M of outstanding secured loans while maintaining a strong liquidity position. Under the Asset Purchase Agreement, WBA will purchase a total of 1,932 stores, three distribution centers and related inventory from Rite Aid for an all-cash purchase price of $4.375B on a cash-free, debt-free basis. "Our teams continue to make tremendous progress in transferring stores to WBA and I want to thank them for their ongoing commitment and dedication," said Rite Aid Chairman and CEO John Standley. "We are on track to complete the transfer of stores in the spring of this year. Going forward, we remain focused on the continued smooth execution of that process and capitalizing on our most significant business-building opportunities as we work together to deliver a great experience to our customers and patients, and drive value for our shareholders." The majority of the closing conditions have been satisfied, and the subsequent transfers of Rite Aid stores and related assets remain subject to minimal customary closing conditions applicable only to the stores being transferred at such subsequent closing, as specified in the Asset Purchase Agreement.

RAD

Rite Aid

$2.29

-0.02 (-0.87%)

WBA

Walgreens Boots Alliance

$77.40

0.93 (1.22%)

RAD Rite Aid
$2.29

-0.02 (-0.87%)

12/04/17
DBAB
12/04/17
INITIATION
Target $2.25
DBAB
Hold
Rite Aid initiated with a Hold at Deutsche Bank
Deutsche Bank analyst Glen Santangelo started Rite Aid with a Hold rating and $2.25 price target. The analyst does not see industry challenges of declining volume and lower reimbursement as abating "anytime soon."
01/02/18
LEER
01/02/18
NO CHANGE
Target $105
LEER
Outperform
AmerisourceBergen price target raised to $105 from $90 at Leerink
Leerink analyst David Larsen raised his price target for AmerisourceBergen (ABC) to $105 from $90, citing the H.D. Smith transaction and a more positive outlook for 2018 and 2019. The analyst notes that the company has completed its major renewals, generic deflation is stabilizing, and it will benefit from Prime, Rite Aid (RAD) and Walgreens Boots Alliance (WBA) volumes in 2018. He reiterates an Outperform rating on the shares.
01/04/18
COWN
01/04/18
NO CHANGE
Target $3
COWN
Outperform
Rite Aid Q3 results better than expected, says Cowen
Cowen analyst Charles Rhyee said Rite Aid's Q3 results were better than expected and he believes its Envison Rx will stabilize in 2019. He also noted management commentary was positive and suggested upside potential due to early relief in generic pricing beginning in 2019. Ryhee reiterated his Outperform rating and raised his price target to $2.50 from $2.15 on Rite Aid shares.
01/04/18
EVER
01/04/18
INITIATION
Target $1.5
EVER
Underperform
Rite Aid initiated with an Underperform at Evercore ISI
Evercore ISI started Rite Aid with an Underperform rating and $1.50 price target.
WBA Walgreens Boots Alliance
$77.40

0.93 (1.22%)

01/03/18
LOOP
01/03/18
NO CHANGE
Target $90
LOOP
Buy
High flu incidence to boost Walgreens Boots Alliance earnings, says Loop Capital
Loop Capital analyst Andrew Wolf says the "much higher" than normal rate of flu incidence this season bodes positively for Walgreens Boots Alliance, which is set to report its Q1 earnings tomorrow. Wolf keeps his Buy rating and $90 price target on the company, but raises is Q1 and FY18 EPS projections by 5c per share.
01/04/18
EVER
01/04/18
INITIATION
Target $80
EVER
Outperform
Walgreens Boots Alliance initiated with an Outperform at Evercore ISI
Evercore ISI started Walgreens Boots Alliance with an Outperform rating and $80 price target.
01/09/18
FBCO
01/09/18
NO CHANGE
Target $97
FBCO
Outperform
Walgreens Boots Alliance removed from U.S. Focus List at Credit Suisse
Credit Suisse's Investment Policy Committee has removed Walgreens Boots Alliance from its U.S. Focus List, as the stock is no longer considered one of its top investment ideas. The firm has an Outperform rating and $97 price target on the shares.

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