Walmart (WMT) Analyst Meeting Could Be A Negative Catalyst, Morgan Stanley Previews Analyst Day
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Morgan Stanley analyst Simeon Gutman reiterated an Overweight rating and $156.00 price target on Walmart (NYSE: WMT) noting that investor sentiment is negative and is expected to expect grow, but "slightly below its algorithm in F'22". The meeting will be held on Thursday, February 18th.
The analyst stated "Investor sentiment leans negative. In our space, mega cap stocks perceived as
COVID-19 beneficiaries seem out of favor given the market's focus on potential reopening winners. WMT has not been immune to this rotation (the stock has gained ~5% since the announcement of successful vaccine trials around the beginning of November, vs. the S&P 500's ~20% gain over the same period). At nearly ~24x consensus 2022e P/E, valuation continues to be cited as a concern/overhang for the stock, despite the fact WMT's relative valuation vs. the S&P 500 is slightly more reasonable than history (~15% premium to the S&P 500's P/E multiple vs. ~20% on average over the past three years)."
Shares of Walmart closed at $144.13 yesterday.
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