Walgreens Boots Alliance Inc (NASDAQ: WBA) has lost a whopping 40% this year but famed investor Jim Cramer is convinced that the stock will start to recover from here on.
Walgreens pharmacists recently walked off the jobEarlier this week, the second-largest U.S. pharmacy chain saw pharmacists at over 200 of its locations walk off the job citing unsafe working conditions.
Hundreds of additional stores are also expected to join the walkout by the end of this week, as per one of its pharmacists that talked to Fox Business on Wednesday.
Watch here: https://www.youtube.com/embed/uuc675bE8ik?feature=oembedThe walkout arrives at a time when Walgreens Boots Alliance is already struggling with earnings growth. It is expected to see a per-share profit of 68 cents in its fourth financial quarter (report expected tomorrow) versus 80 cents per share a year ago.
Why is Jim Cramer bullish on Walgreens Boots Alliance?But none of the above is enough for Jim Cramer to not recommend investing in Walgreens Boots Alliance that is committed to expanding its footprint in health services.
His constructive view is primarily based on leadership of the industry veteran Tim Wentworth who was named Chief Executive of the Nasdaq-listed firm only recently. Wentworth is slated to join on October 23rd.
I like Wentworth. There’s now hope for a stock that I had no hope for. This guy is the real deal. I think he can take you to higher price. The stock should be bought, perhaps aggressively.
Note that his Charitable Trust does not have a position in Walgreen Boots Alliance which the Wall Street currently rates at “hold”.
I had a question on why and if I’m scared of investing in $WBA (Walgreens) from @DarrenPowell2
Here’s why I’m not…
Sure I saw the news on $WBA and the stock is in the complete shitter rn, but $WBA is at the same price it was at in March 2009 which was a MAJOR demand area… pic.twitter.com/ATpvks18CK
The post Cramer recommends buying Walgreens stock despite recent walkout appeared first on Invezz.
