Jefferies reiterates its Hold rating on Walgreen (NYSE:

) and cuts its price target from $34 to $30. Jefferies notes, "We are updating our Walgreens estimates to reflect both 3Q12 earnings results as well as our initial accretion estimate from the Alliance Boots acquisition. We have lowered our core revenue growth rates for both the remainder of 2012 and for 2013 due to lower than expected sales as well as weaker gross margins." WAG closed at $29.09 on Wednesday.