"FTC approval of the new Rite Aid asset purchase finally removes the regulatory overhang that's clouded the [WBA] stock's story over the last 24 months," he wrote in a research note Tuesday. "We believe investors will now be able to refocus on WBA's positive underlying fundamentals — preferred network Rx gains, Beauty Differentiation redesign and WBAD's growing purchasing power — the anticipated greater than $300 million in synergies from the approved Rite Aid transaction and a robust share repurchase program ($5 billion annually)."