Bernstein Reiterates Market Perform on Walmart (WMT) Following 4Q
Bernstein reiterated a Market Perform rating and $104.00 price target on Wal-Mart (NYSE: WMT) following the company's 4Q earnings report. US Q4 comps grew 2.6%, and Walmart's two-year stack performance was the best in eight years. Comps were driven by traffic growth of 1.6% and ticket growth of 1.0%.
Growth was still slower than expected. Per management commentary around ecommerce, "The slowdown in growth during the quarter was a bit more than we planned". Management expects ecommerce growth to return to 40% next year.
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Shares of Wal-Mart closed at $94.11 yesterday.