Walgreen Co.'s prescriptions and profits may get a boost from flu season, Medicare drug plans and the health care overhaul, according to a Jefferies analyst who raised his rating on the drugstore chain's shares.

The Deerfield, Ill., company's cost savings from its acquisition of a stake in European health and beauty retailer Alliance Boots have also been faster than expected, said analyst Scott A. Mushkin said in a Monday research note.

He raised his rating on the stock to "Buy" from "Hold" and increased his price target to $47 from $40.

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