UPDATE: Jefferies Initiates Coverage on Walgreen Company on Limited Near-Term Visibility

In a report published Tuesday, Jefferies analyst Mark Wiltamuth initiated coverage on Walgreen Company (NYSE: WAG) with a Hold rating and $62.00 price target.

In the report, Jefferies noted, “Walgreens is in the midst of the biggest era of change in company history. After taking a 45% stake in Alliance Boots, and striking a 10-year drug distribution and joint sourcing pact with Amerisource Bergen, now the hard work begins on synergies and execution. As these deal wins are longer-term and we see some margin risk near-term as the company works to turn around negative traffic in the US, we initiate coverage of WAG shares with a Hold.”

Walgreen Company closed on Monday at $55.19.