Shares of retailing giant Walmart (NYSE: WMT) ticked higher in morning trading on Thursday after Evercore analyst Greg Melich upgraded the stock to a Buy from a Hold rating and raised the price target to $160 from $145. Melich’s price target implies an upside potential of 10.9% at current levels.
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The analyst commented that even with the tough macroeconomic environment, “Management’s diligent work to pivot the business to omnichannel, divest non-core assets, and invest in productivity has positioned traffic and margins for upside over the next two years.”
Melich added that “the traffic turn appears to be building, and with consumers across the demographic spectrum making wallet allocation choices after several years of record nominal retail spending, Walmart is poised to regain share.”
Analysts rate WMT stock a Strong Buy based on 21 Buys and five Holds.