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Walmart to Host “Black Friday” Like Event on Thursday – Report

American department store Walmart, Inc. (WMT) has planned an event similar to its “Black Friday” event hosted during the Thanksgiving season. The event will be held on Thursday, February 24, starting at noon (ET) exclusively for Walmart+ members.

Walmart is giving 40% off to its subscription loyalty program members on a full board of items including gaming consoles like the Xbox X and PlayStation 5, electronics, fitness, home, and apparel items.

The Walmart+ membership costs $98 a year, offering members free unlimited delivery services, attractive discounts, promotions, and other benefits. The early spring holiday event will launch new products every week until stocks last and Walmart has not given an ending date for the event.  

Commenting on the event, the company issued a statement saying, “The shopping event builds on the retailer’s members-only experience during Black Friday when Walmart+ members could shop all the great deals before anyone else.”

In 2021, Walmart began the tradition of starting the Black Friday sale well before Thanksgiving, following suit with other retail giants like Amazon.com (AMZN) and Target (TGT).

In its fourth-quarter Fiscal 2021 results, Walmart posted an upbeat quarter backed by record holiday season sales surpassing the $100 billion mark in U.S. e-commerce sales.

Wall Streets’ View

The Wall Street community has a Moderate Buy consensus rating on the WMT stock based on 16 Buys and 6 Holds. At the time of writing, the average Walmart price target was $165.10, which implies 21% upside potential to current levels. Shares have lost 5.2% over the past year.

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