Wal-Mart (WMT) Down 6% on Downgrade, Market Sell-Off
Shares of Wal-Mart Stores (NYSE: WMT) are down 6% today after an analyst at UBS downgraded the world's largest retailer from Buy to Hold, saying the company is unlikely immune to the worsening economy and increasing competition.
The broad world stock market sell-off is also contributing to today's weakness in Wal-Mart, as even the strongest names feel the pressure.
UBS also cut its price target on Wal-Mart from $66 to $62.
UBS has had a Buy rating on Wal-Mart since June of 2007 and is the 3rd most highly rated analyst covering the stock according to Bloomberg data.
UBS also lowered its price target on a number of other retailers today as part of a call on the entire group:
Target (NYSE: TGT) price target from $53 to $47, maintain Neutral rating.
Kroger (NYSE: KR) price target cut from $34 to $34, maintain Buy rating.
CVS/Caremark (NYSE: CVS) price target cut from $50 to $46, maintain Buy rating.
Safeway (NYSE: SFY) price target cut from $28 to $25, maintain Neutral rating.
Costo (Nasdaq: COST) price target cut from $67 to $62, maintain Neutral rating.
Whole Foods (Nasdaq: WFMI) price target cut from $19 to $17, maintain Sell rating.
BJ's Wholesale Club Inc. (NYSE: BJ) price target cut from $45 to $39, downgraded from Buy to Neutral.
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