The Ratings Game: Walgreens may be building the store of the future in Florida — but Wall Street is skeptical

CVS Health Corp. is buying Aetna Inc., while Cigna Corp. is snapping up Express Scripts Holding Co. As health-care companies vertically integrate with high-priced deals across varied parts of the industry’s supply chain, Walgreens Boots Alliance Inc. WBA, +0.70% , its acquisition of rival Rite Aid’s RAD, +1.27% nearly 2,000 stores now complete, remains alone at the party.

Industry watchers have noticed — company shares have plummeted nearly 23% over the past year — and want to know what’s next. Answers, though, are scarce.

At a recent sell-side event, “management highlighted the company was focused on a new strategy for the stores, but would not share any details on the strategy for competitive reasons,” said Mizuho Securities analyst Ann Hynes, describing it as “strange” and “a bit puzzling.

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