Retail superpower Wal-Mart Stores, Inc. (WMT) on Friday received a big upgrade from analysts at Jefferies & Co.”
The firm upgraded Wal-Mart from a “Hold” to a “Buy” with a price target of $88, which was previously at $74. That new target suggests a 14.7% increase from the stock’s Thursday closing price of $75.01.
A Jefferies analyst commented, “We are upgrading shares to Buy as WMT gains firmer footing to propel the turnaround story beyond easy sales comparisons. We are raising our estimates and see potential for further multiple expansion as: 1) comp momentum continues in 3Q against tougher comparisons; 2) the upward EPS revision cycle continues; 3) unit growth accelerates for high-return smaller-format stores; and 4) international operations improve.”
Wal-Mart Stores, Inc. (WMT) stock fell 41 cents, or -0.54%, in premarket trading Friday.
The Bottom Line
Shares of Wal-Mart Stores (WMT) have a 2.12% dividend yield, based on last night’s closing stock price of $75.01. The stock has technical support in the $71-$72 price area. The shares are trading at all-time highs.
Wal-Mart Stores, Inc. (WMT) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.