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Shares of Rite Aid Corp. plunged toward a 2 1/2-year low Thursday, after Deutsche Bank analyst George Hill issued a dire warning that the drugstore chain’s equity could be worthless.
Hill cut his rating on Rite Aid’s stock RAD to sell, after being at hold for the past two years. He slashed his price target to $1 from $16, with the new target implying downside of 88% from Wednesday’s closing price of $8.44.
The…
