Citi raised the firm’s price target on Walmart to $98 from $75 and keeps a Buy rating on the shares. The company “has been winning market share for several key reasons,” including its scale, convenience and “best-in-class omni-channel offerings,” the analyst tells investors in a research note. The firm believes Walmart’s back-to-school season has been strong, and it expects the momentum to last into the holiday. Many of the company’s higher-margin growth opportunities will help drive higher sales and EBIT margins and change the way investors think of Walmart in the longer term, contends Citi. The stock remains its top pick.
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