(News Bulletin 247) – Wells Fargo raised its price target on Walmart from $155 to $170 on Thursday the day after an investor day marked by a resolutely positive tone.
The analyst explains that he remains optimistic about the American distribution giant, whose title offers from his point of view a “very attractive” profile given the uncertainty that dominates the current environment.
Wells Fargo describes a ‘defensive’ title, stressing that the group tends to gain market share at the expense of all its competitors in the broad sense, while highlighting the ‘cautiousness’ of the forecasts communicated by the company.
The intermediary also expects his investments to finally start to pay off, deeming the title rather cheap in this regard, provided he perceives it as an ‘omnichannel’ distributor with a strong technological component.
Wells Fargo, which maintains its ‘overweight’ recommendation on the stock, indicates that it has raised its earnings forecasts for the group for the 2023 and 2024 financial years.
Copyright (c) 2023 News Bulletin 247. All rights reserved.
I have over 8 years of experience working in the news industry. I have worked as a reporter, editor, and now managing editor at 247 News Agency. I am responsible for the day-to-day operations of the news website and overseeing all of the content that is published. I also write a column for the website, covering mostly market news.
