Earlier this week, CVS Caremark (CVS) said it would exclude Walgreen (WAG) from its pharmacy network following a dispute between the two. The decision is risky for both companies: Caremark could potentially lose business clients, while Walgreen could lose retail customers. Shares of both have come under some serious pressure this week.

Several analysts have weighed in. Thomas Weisel cut Walgreen from overweight to market weight and lowered its price target to $30 from $45. The analyst estimated the lost CVS sales would equate to roughly $4.6 billion in annual revenue. Barclays also lowered its price target on Walgreen from $36 to $27, but kept its equal weight rating, while UBS downgraded Walgreen from buy to neutral. And although CVS actually earned an upgrade from Caris, it couldn't bounce back.

On Friday, CVS shares were down 0.9% and Walgreen shares down 2.2% as of 1:45 p.m. Eastern.

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