Walmart (WMT) Pullback is an Opportunity, PT Raised to $180 at BofA Securities
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BofA Securities analyst Robert Ohmes raised the price target on Walmart (NYSE: WMT) to $180.00 (from $175.00) after rolling forward the valuation to 30x the F23E EPS of $6.00 (was $5.80) from 32x the previous F22E EPS of $5.50.
The analyst reiterated a Buy rating, stating "Omni-channel convenience investments are widening the moat vs. the competition as WMT is aggressively investing (Capex for F22 now $14bn vs. less than $11bn in F21) in capacity & automation to drive speed & profitability in stores, pick-up & delivery. WMT expects delivery costs to go down as the company builds volume & intensity. Note that 2,000+ Walmart stores were updated to 1 gigabit per second fiber connection to enable machine learning".
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