The decline in earnings can be attributed to a lower net income margin, which more than offset a rise in revenues and a fall in shares outstanding. The S&P500 has now entered the bear market territory with rising concerns of slowing economic growth given the high inflation, Fed action, and supply chain disruptions. We estimate Walgreens’ valuation to be $47 per share, reflecting a 22% upside from its current market price of $39, implying that investors may be better off using the recent dip to enter WBA stock for gains in the long run.