Walmart announced that it will host a revamped Black Friday savings event starting next month in an effort to provide a safer shopping experience to customers and avoid doorbuster crowds amid the COVID-19 pandemic. Shares of the world’s largest retailer closed 1.4% higher on Tuesday.
Walmart (WMT) will divide its Black Friday saving deals across three different events and multiple days in November. Furthermore, the company will be operating the events across both its channels – online and in-store, instead of the previous single in-store only bonanza.
Each saving event will first begin online via Walmart’s website and later kick off at its stores. The first event will start on November 4 at its online and on November 7 at its stores. The second event will begin online on November 11 and in stores on November 14. The company has set November 25 as starting date for its third event on its website, which will later kick off at stores on November 27. (See WMT stock analysis on TipRanks).
On Oct. 2, Oppenheimer analyst Rupesh Parikh reiterated a Buy rating with a price target of $152 (4% upside potential). In a note to investors, Parikh wrote, “We believe WMT shares are still positioned for outperformance, but see more of a grind higher from here. Ongoing benefits from WMT’s e-commerce investments, tailwinds from continued increases in at-home food consumption, and retailer liquidations suggest the potential for market share gains to persist.”
Currently, the Street has a bullish outlook on the stock. The Strong Buy analyst consensus is based on 22 Buys versus 7 Holds. With shares up 23% year-to-date, the average price target of $149.71 implies moderate upside potential of 2.4% at current levels.
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