Walgreens Removed From America's Conviction Buy List

According to a recent report, Goldman Sachs has removed Walgreen WAG from America's Conviction List but still maintain a Buy rating and a $48.00 price target on the company. In the report, Goldman Sachs said, "We trim our August quarter forecast from Street-high, and now stand at Street levels for the next two quarters, versus well-above when we added WAG to the CL." Key drivers to this decision were prior margin forecasts and an increase in SG&A to factor in the cost of back-end loaded CCR remodels. Walgreens closed yesterday at $44.14.