Drug store chain operator Walgreen Company (WAG) on Tuesday caught a big downgrade from analysts at Citigroup.

The firm said it slashed its rating on WAG from “Neutral” to “Sell” while lowering its price target from $35 to $28. That new target suggests a massive 18% downside to the stock’s Monday closing price of $34.28.

Walgreen shares fell 65 cents, or -1.9%, in premarket trading Tuesday.

The Bottom Line
Shares of Walgreen Company (WAG) have a 2.63% dividend yield, based on last night’s closing stock price of $34.28. The stock has technical support in the $30-$32 price area. If the shares can firm up, we see overhead resistance around the $36-$38 price levels.

Walgreen Company (WAG) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.