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Two Ways: Green on Walgreen's Horizon


Strengthen your portfolio in good times and bad.

Jefferies raises Walgreen

Jefferies had good things to say about Walgreen (WAG) this morning. According to, analysts at the investment bank expect Walgreen to earn $0.59 a share now for the third quarter, up from its previous target of $0.55 a share. Consensus expectations call for the retail consumer staple to earn $0.56 a share.

Jefferies says the upgrade reflects improved sales on higher generic drug volume. It also says Walgreen likely benefited from lower fees and slower square footage growth, as well as reduced labor costs. Jefferies raised its estimate for fiscal year 2009 from $2.00 to $2.03 as well as its price target from $25 to $35. Walgreen reports results on June 22nd.

From the Bull Pen: It's a pretty chart for Walgreen and bulls are watching for a break above $32 resistance. One can set a sell stop near $29.50-$30.

From the Bear Cave: Bears can look elsewhere such as the real estate ETF (IYR). Consider downside entry on a rally back to $34, if and when it gets there.

Quick Check Around the World

Asian trading closed with the Hang Seng 0.81%, India 1.80%, Shanghai 0.93%, Nikkei 0.85%, and Taiwan 1.41%.

Glancing towards Europe, we see the FTSE 1.72%, CAC 1.12%, DAX 0.22%

As of 8:10 AM EST, S&P Futures are trading +2.0 to 915.20 and Nasdaq futures are +12 to 1461.75.

A Look at Commodities

Over in commodities, crude oil is trading +0.74 to 72.11 while gold is +0.60 at 935.20 this morning. Silver is +0.500 to 14.24 and copper +1.85 to 229.05.

The dollar index is -0.020 to 80.9900.

No events on the radar today.

Good luck today!
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No positions in stocks mentioned.

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