Credit Suisse Assumes, Upgrades Wal-Mart (WMT) to Outperform
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Credit Suisse upgraded Wal-Mart (NYSE: WMT) from Neutral to Outperform with a price target of $80.00 (from $62.00) in assumed coverage.
Analyst Edward Kelly commented, "WMT's in-store investments and a better low-end consumer have yielded the return of traffic growth against a deteriorating staples retail landscape. While there is more work to do, early progress has been encouraging. We see a continuation of top-line momentum as management invests further, and although earnings growth is limited, risk to consensus looks low. This set-up should yield outperformance in an uninspiring coverage universe."
Shares of Wal-Mart closed at $72.40 yesterday.
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