Walmart assumed with an Overweight at Piper Sandler

Piper Sandler assumed coverage of Walmart with an Overweight rating and $81 price target. While the shares have had a terrific run rallying 32% year-to-date, the company is in the early stages of an “unprecedented profit growth acceleration for a large and mature retailer,” the analyst tells investors in a research note. The firm says Walmart is driving “significant valuation creation” in the form of new and high-margin revenue streams that should not only accelerate EBIT growth in the years to come, but will also create a steadier and more sustainable growth model.