Retail giant Walmart (WMT) has joined hands with Space NK, a go-to destination for worldwide beauty discovery, to introduce prestige beauty products to Walmart.com and nearly 250 Walmart stores this summer.
The collaboration, which is expected to feature more than 600 products from 15 brands beginning March 15, has been named BEAUTYSPACE. The selected brands consist of both new and established ones, some of which are only available at Walmart.
Laurie Tessier, Merchandising Director, Prestige Beauty at Walmart, said, “As a top beauty destination, Walmart is continuously looking for new ways to wow and surprise customers by expanding our selection and offering convenient access to the best product assortment across beauty. We are thrilled to welcome Space NK to Walmart as the latest move in bringing our customers exciting new additions online and in the beauty aisle.”
The CEO of Space NK, Andy Lightfoot, said, “We have created a proposition for Walmart that we believe will be market-leading called BEAUTYSPACENK, utilizing our years of expertise in this area. We have curated the very best of beauty for their customers, allowing them to shop prestige beauty when, where and how they choose.”
Recently, Evercore ISI analyst Greg Melich maintained a Hold rating on Walmart with a price target of $140 (2% downside potential from current levels).
The analyst said, “Building back traffic, leveraging their scale, passing through inflation while keeping price gaps, and tech investments to spur growth; Walmart remains a force to reckon with, and smart competitors and investors will take notice.”
Based on 17 Buys and 7 Holds, the stock has a Moderate Buy consensus rating. The average Walmart price target of $163.39 implies 14.4% upside potential from current levels. Shares have gained 13.5% over the past year.
Hedge Fund Trading Activity
TipRanks’ Hedge Fund Trading Activity tool shows that confidence in Walmart is currently Very Negative, as the cumulative change in holdings across all 20 hedge funds that were active in the last quarter was a decrease of 10.4 million shares.
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