Deutsche Bank Reiterates a 'Sell' on Wal-Mart (WMT); Major Distraction Could Be Extensive and Expensive

Deutsche Bank reiterates a 'Sell' on Wal-Mart (NYSE: WMT) price target of $53.00.

Analyst, Charles Grom, said, "A front page article in the Sunday NY Times makes serious allegations that Wal-Mart’s Mexico subsidiary engaged in bribery in order to expedite the approval process to build new stores during Eduardo Castro-Wright’s tenure as CEO. Equally damaging is the suggestion that co. officials (many still at WMT today, including CEO Mike Duke, then head of WMT Intl.) knew of the actions, yet failed to enforce anti-corruption policies/ignored red flags from internal audits. The allegations, if true, would have serious consequences for WMT."

Grom sees this as a material distraction, considering these cases are usually extensive and expensive. Also, Wal-mart executives may be asked to step down.

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 $62.45 yesterday.

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