Zacks reiterated their neutral rating on shares of Walgreens (NYSE: WAG) in a research note issued to investors on Wednesday. The firm currently has a $47.00 target price on the stock.

Zacks’ analyst wrote, “Walgreens’ adjusted EPS rose 9.1% to $0.96 in the second quarter of fiscal 2013, beating the Zacks Consensus by $0.01. Although, revenues decreased 0.1% (to $18.63 billion), trailing the Zacks Consensus Estimate for the fourth successive quarter, we are encouraged with the company’s recently announced long-term deal with AmerisourceBergen which is expected to bolster its business in the next fiscal year. Coming back to the quarter’s result, despite the benefit from Express Scripts customers throughout the quarter, the year-over-year decline was mainly due to the extra day of the leap year in 2012. Nonetheless, Walgreens gained a modest share in the retail prescription market. Margin expansion was also encouraging. However, Walgreens continues to witness declining front-end sales implying that the strife to win back earlier clients is still a cause of concern. Besides, the competitive landscape was tough. Accordingly, we remain Neutral on Walgreens.”

Walgreens (NYSE: WAG) opened at 45.81 on Wednesday. Walgreens has a 52-week low of $42.13 and a 52-week high of $46.33. The stock’s 50-day moving average is currently $44.3. The company has a market cap of $43.295 billion and a price-to-earnings ratio of 20.73.

A number of other analysts have also recently weighed in on WAG. Analysts at Morgan Stanley reiterated an equal weight rating on shares of Walgreens in a research note to investors on Wednesday. Separately, analysts at Macquarie upgraded shares of Walgreens from a neutral rating to an outperform rating in a research note to investors on Wednesday. They now have a $52.00 price target on the stock. Finally, analysts at UBS AG raised their price target on shares of Walgreens from $48.00 to $51.00 in a research note to investors on Wednesday. They now have a buy rating on the stock.

One investment analyst has rated the stock with a sell rating, seven have given a hold rating and sixteen have given a buy rating to the stock. Walgreens currently has a consensus rating of Buy and an average price target of $49.76.

Walgreen Co (NYSE: WAG), together with its subsidiaries, operates the drugstore chain in the United States.

To view Zacks’ full report, visit www.zacks.com

Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.