Walmart price target lowered to $169 from $171 at Roth MKM

Roth MKM analyst Bill Kirk lowered the firm’s price target on Walmart to $169 from $171 but keeps a Buy rating on the shares after its Q4 results and FY24 outlook. The company’s headline guidance looks light, but some discreet below-the-line items and "appropriate cautiousness" suggest that ranges are closer to expectations and should give investors confidence in what is likely to be the floor for Walmart in FY23, the analyst tells investors in a research note. The firm added that Walmart has two funding tailwinds to be more competitive in Food – less discretionary inventory problems and a thriving ad business.