Cowen Remains Sidelined on Wal-Mart (WMT) After Spending Time with Management
Cowen maintained a Market Perform rating and $70.00 price target on Wal-Mart (NYSE: WMT) after spending time with senior leadership. CEO Doug McMillion is leading WMT on path to deliver a seamless shopping experience through multi-format stores, easy pickup, fast delivery, and apps/ websites. Online grocery is planned to be a key growth driver for WMT in the years ahead, both at WMT US as well as Sam's Club.
Analyst Oliver Chen commented, "We spent 2 days with WMT senior leadership in several Q&A sessions, store tours & the annual shareholder meeting. Online grocery, price investments, & food (fresh + private-label) were the main topics on the trip. WMT has defensive appeal in an uncertain backdrop, but Amazon risk, elevated P/E & execution risk could be offsets."
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Shares of Wal-Mart closed at $70.87 yesterday.