Walmart removed from ‘Tactical Outperform’ list at Evercore ISI

Evercore ISI analyst Greg Melich ended a positive TAP call on Walmart and removed the stock from the firm’s “Tactical Outperform List” as the EPS catalyst has passed. With Walmart shares down 3% since initiating the TAP call, the firm said it sees management’s more conservative commentary into the back half as “macro-based conservatism, not idiosyncratic” and thinks “the street eventually gets to our $6.55 for this year and $7+ for 2024, pushing the stock past $170 with attractive downside protection” following what it identifies as “a second quarter of clear traffic momentum, share gains, and establishing a margin floor.” Evercore has an Outperform rating and $175 price target on Walmart shares.