Walgreens was the worst stock in the S&P 500 last year. An analyst writes that it’s still “premature to say that Walgreens is on a stable path to growth” despite upbeat earnings.

Walgreens Boots Alliance posted a wider quarterly loss, hit by the costs of closing stores and weaker retail sales, but shares surged after a smaller-than-expected drop in adjusted earnings. Walgreens shares soared more than 28% to$11.

The troubled retail pharmacy chain Walgreens Boots Alliance reported financial results early Friday that weren’t quite as bad as analysts had anticipated, sending shares sharply higher in morning trading.