"[Rite Aid's] stock could benefit from continued M&A speculation as we believe a takeout by Walgreens makes sense — especially in light of the recently concluded ESRX/MHS transaction," Kelly wrote in a report following the call. But Guggenheim Partners analyst John Heinbockel disputed the notion, having already written that such an acquisition would present too great a risk for Walgreens, considering that it could lower Walgreens' bond rating and create a headache in terms of the costs of converting stores and closing others, not to mention the Deerfield, Ill.-based chain's relative lack of experience in large-scale acquisitions and the conservatism of its board. And overall, Rite Aid doesn't look like a chain that's trying to set itself up for acquisition. Under the leadership of Standley and chairman Mary Sammons, the company has pursued organic growth and has been reaping the benefits in the form of growing sales and smaller losses.