UPDATE: Jefferies Maintains Hold on Walgreen, Lowers PT to $36

Jefferies reiterates its Hold rating on Walgreen WAG and lowers its price target to $34 from $36 as it adjusts current year EPS from $2.72 to $ 2.62 and next year's to $2.95 from $3.00. Jefferies says, "Walgreens' weaker-than-expected 1Q12, coupled with the ongoing uncertainty surrounding the ESRX contract dispute, continues to suggest subdued performance in FY12." WAG closed at $33.92 per share on Thursday.