Goldman Sachs Upgrades Wal-Mart (WMT) to Buy

Goldman Sachs upgrades Wal-Mart (NYSE: WMT) from Neutral to Buy and raises their price target from $58 to $60, saying valuation sets floor and initiatives drive upside.

The firm sees a number of EPS drivers including: sales with a shift to inflation, expense control with a strong commitment and actions to leverage SG&A, and margins which will benefit from intensified global sourcing which will yield strong pricing.

The firm raised FY10 EPS from $3.97 to $4.11 and FY11 from $4.34 to $4.49, citing improved margin and expense control.

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