Evercore ISI analyst Greg Melich added Walmart to the firm’s “Tactical Outperform List” and believes Street EPS estimates could move towards $6.50 for CY24, and looks for solid traffic, share capture, and margin recovery to drive a beat and raise, the analyst tells investors in a research note. While Walmart may not have entirely bucked the broader Retail deceleration trend, traffic trends appear resolute, the firm says, adding that with traffic and margin improvement, the stock should at least hold its 20% premium and push $170. No change was made to the Outperform rating.
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