Telsey Advisory raised the firm’s price target on Walmart to $70 from $68 and keeps an Outperform rating on the shares. The company reported “strong” Q1 results, which reflected continued share gain driven by its omnichannel model and execution, the analyst tells investors. Further, the company’s business momentum remains strong, reflected through its “solid” Q2 outlook and raised FY24 guidance, the firm adds. Overall, Telsey Advisory believes Walmart is executing well and expects the company to remain a leader and market share gainer in the retail industry.
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