Jefferies Raises WAG PT From $45 To $48

Jefferies is raising its price target on Walgreen Co. WAG from $45 to $48. Jefferies has also made some adjustments to its estimates for 2Q, 3Q, 4Q, FY11 and FY12 to $0.78, $0.66, $0.56, $2.62 and $3.04, respectively, from $0.77, $0.63, $0.56, $2.49 and $2.95. “The estimates largely reflect 1Q results, as well as improved profitability, offset by higher SG&A in 2Q,” Jefferies writes. Walgreen Co. closed Wednesday at $38.85.