Walgreens is undervalued. With estimated earnings of $2.60 and a present P/e of 12 + This stock could go to 42 to 45 and still have a respectable P/E of 16 +. This is not including increases of earnings in future quarters. That's if everything remains the same. Also the estimate for 2013 has been increased to 3.04 from 3.01. The future looks bright.
I don't think so since WAG has become a high risk stock and high risk stocks do not deserve even 10 multiple. The 2013 estimates have many risks from Boots and also competitions. They are not reliable and they may be shaved at any time.