Walmart (WMT) Defended at DA Davidson: 'we continue to like WMT'
DA Davidson analyst Katy Hallberg reiterated a Buy rating and $181.92 price target on Walmart (NYSE: WMT)
The analyst comments "Another solid quarter with a bit of a prudent outlook from Walmart. After being one of only two of the 14 Retailing / Broadlines & Hardlines names that we cover outperforming the market year to date, at +19.7% (COST is the other), the stock may give some back today as expectations were high. Also, at least in the short term, the “risk on” trade is winning. That said, we continue to like WMT due to the company and stock being both defensive and offensive. Some of the near term cautious outlook is due to what we think was a slowdown for WMT in the last two weeks of October. But, this was offset by a strong start to November, particularly in apparel, we believe. This could simply be due to weather. But, with this type of volatility, we think it does make sense for WMT to be slightly more cautious on the consumer heading into the holiday season. And this potentially sets up for another beat, which has been WMT’s M.O. all year."
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Shares of Walmart closed at $169.78 yesterday.