On the other hand, if the Rite Aid acquisition is blocked by the FTC, Jefferies does not expect Walgreens to challenge the decision, and management likely will pivot capital deployment toward share repurchases. If Walgreens raises its share repurchase authorization to $5 billion (which Jefferies believes is reasonable given its free cash flow outlook and the excess cash it has generated since the Rite Aid deal was announced) the firm believes that the company could increase earnings by $0.17 per share (3%) and $0.46 per share (7%) in fiscal 2018 and fiscal 2019, respectively.