Walmart price target raised to $185 from $175 at Oppenheimer

Oppenheimer raised the firm’s price target on Walmart to $185 from $175 and keeps an Outperform rating on the shares. Looking forward, the firm believes the bull case is still in the early to middle innings and sees the potential for continued outperformance over a 12-18-month horizon. Oppenheimer is also optimistic management could IPO PhonePe and/or Flipkart down the road, potentially unlocking more shareholder value. Near-term, however, the firm sees the potential for a below-consensus 2024 guide driven by management’s recent commentary on periods of potential deflation in 2024 and uncertainty on product mix related margin headwinds. Walmart remains a top pick for Oppenheimer. Shares have struggled on recent reports, so the firm would take advantage of any profit taking on the print should it materialize.