Rite Aid Corp. Given New $6.00 Price Target at BTIG Research (RAD)
Research analysts at BTIG Research upped their target price on shares of Rite Aid Corp. (NYSE:RAD) to $6.00 in a report released on Thursday, AR Network reports. The firm currently has a “buy” rating on the stock. BTIG Research’s price target indicates a potential upside of 19.76% from the stock’s previous close.
The analysts wrote, “Buy-rated Rite Aid reported a very strong fiscal quarter on September 19th. Much of what we found comforting about the results, and about the encouraging forward guidance that accompanied them, was what they didn’t include. The second quarter’s operating results were a marked improvement over last year’s second quarter. This year’s second quarter did not include any new benefits from the dispute between Walgreen’s and Express Scripts. Instead, this quarter’s results incorporated the sustained retention of those customers – according to management’s comments on the conference call, a retention of better than 75%. This quarter’s results also did not include sizeable benefits from new generic introductions as previous quarters’ results did – generics had a only 249 basis point negative impact on second quarter revenues, down from 750bps in the previous second quarter.”
In other Rite Aid Corp. news, EVP Robert Ivan Thompson sold 400,000 shares of the company’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $4.81, for a total transaction of $1,924,000.00. Following the transaction, the executive vice president now directly owns 749,882 shares of the company’s stock, valued at approximately $3,606,932. The transaction was disclosed in a legal filing with the SEC, which is available at this link.
A number of other analysts have also recently weighed in on RAD. Analysts at Credit Suisse raised their price target on shares of Rite Aid Corp. (NYSE:RAD) from $3.50 to $5.00 in a research note to investors on Sunday, September 22nd. They now have an “outperform” rating on the stock. Separately, analysts at Raymond James raised their price target on shares of Rite Aid Corp. (NYSE:RAD) from $3.50 to $4.00 in a research note to investors on Friday, September 6th. They now have an “outperform” rating on the stock. Finally, analysts at Zacks reiterated a “neutral” rating on shares of Rite Aid Corp. (NYSE:RAD) in a research note to investors on Wednesday, July 24th. They now have a $3.00 price target on the stock. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Rite Aid Corp. has an average rating of “Buy” and an average target price of $3.56.
Shares of Rite Aid Corp. (NYSE:RAD) traded up 4.09% on Thursday, hitting $5.215. The stock had a trading volume of 35,212,752 shares. Rite Aid Corp. has a 1-year low of $0.95 and a 1-year high of $5.08. The stock’s 50-day moving average is $3.87 and its 200-day moving average is $2.96. The company has a market cap of $4.704 billion and a price-to-earnings ratio of 15.80.
Rite Aid Corp. (NYSE:RAD) last posted its quarterly earnings results on Thursday, September 19th. The company reported $0.03 EPS for the quarter, beating the Thomson Reuters consensus estimate of ($0.04) by $0.07. The company had revenue of $6.30 billion for the quarter, compared to the consensus estimate of $6.27 billion. During the same quarter in the prior year, the company posted ($0.05) earnings per share. The company’s quarterly revenue was up .8% on a year-over-year basis. On average, analysts predict that Rite Aid Corp. will post $0.22 earnings per share for the current fiscal year.
Rite Aid Corporationis a retail drugstore chain in the United States. As of March 3, 2012, the Company operated drugstores in 31 states across the country and in the District of Columbia.
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