Truist analyst Scot Ciccarelli keeps a Hold rating and $146 price target on Walmart after the company’s investor presentation. Walmart has been focused on driving EBIT growth above sales for years, and its operating improvements have been somewhat masked by the recent macro circumstances, the analyst tells investors in a research note. Truist adds that once the environment normalizes, the investments that Walmart made in supply chain, automation, and omni-channel capabilities have laid the foundation for elevated profit growth in FY24 and beyond. The firm notes however that its neutral stance comes from uncertainty for FY23 and the stock’s "relatively full valuation" at 24.5-times expected next 12-months’ earnings.
Published first on TheFly
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