Walmart price target raised to $80 from $78 at Evercore ISI

Evercore ISI raised the firm’s price target on Walmart (WMT) to $80 from $78 and keeps an Outperform rating on the shares. The firm, which updated its sum of the parts analysis to reflect the divestiture of Walmart’s JD.com (JD) ownership interest and a 3% rise in the S&P since Walmart reported Q2 earnings last week, sees the divestiture as a positive for the underlying operating business as the proceeds can be repurposed to drive higher returns elsewhere and serve as a reminder that the management team is willing to make the tough but necessary decisions to win share and expand margins/returns, the analyst tells investors.