Oppenheimer Upgrades Wal-Mart (WMT) to Outperform; 'Place to Hide'

(Updated - March 17, 2020 9:01 AM EDT)

(updated to add analyst comments)

Oppenheimer analyst Rupesh Parikh upgraded Wal-Mart (NYSE: WMT) from Perform to Outperform with a price target of $125.00.

The analyst commented, "We are upgrading shares of WMT to Outperform from Perform. Given shares now pulling back 11% since March 10th (vs. a 17% decline in the S&P 500), we view a slightly more accommodative valuation coupled with the potential for still attractive relative financial delivery to drive outperformance from here. As we look forward, we believe the company is well positioned to still deliver on financial targets, and shares could benefit from money flows shorter-term as investors likely continue to seek safety in a more uncertain global economic backdrop. As we have written about previously, grocers have clearly benefited from consumer stock-up activities lately. In our updated food retailing/discounter coverage, we rank COST and DG as our top picks followed by WMT."

For an analyst ratings summary and ratings history on Wal-Mart click here. For more ratings news on Wal-Mart click here.

Shares of Wal-Mart closed at $106.76 yesterday.

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