Piper Sandler raised the firm’s price target on Walmart (WMT) to $93 from $83 and keeps an Overweight rating on the shares. Heading into the print, the firm raises its Q3 comparable sales estimate to +4% year-over-year as it believes falling gas prices during the quarter were helpful to low/middle income spending. For Q3, early Black Friday sales cadence seems relatively similar to last year, so Piper doesn’t expect promotional activity to significantly sway gross margin one way or the other.
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