American retailer Walmart, Inc. (WMT) will launch the Elton John Eyewear line, a new range of accessible eyewear, at Sam’s Club today and at Walmart stores later this week.
Janey Whiteside, EVP and chief customer officer at Walmart U.S., commented, “Our customers and members are going to love this collection. We’re thrilled to celebrate Elton John’s creativity and iconic style by launching a fun, on-trend eyewear collection that will help customers feel their best, all at an every day low price.” (See Walmart stock charts on TipRanks)
Last week, Morgan Stanley analyst Simeon Gutman reiterated a Buy rating and the price target of $170.00 on Walmart (13.49% upside potential).
Based on the new data that implies higher spending at Walmart, Gutman commented, “Walmart+ is steadily gaining traction, generating loyalty & incremental spend, and is tracking to our bull case.”
However, Gutman pointed out that customers still view Walmart+ as a grocery-focused delivery service when compared to Amazon Prime (AMZN).
According to Gutman, Walmart will have to catch up on the general merchandise category to be successful, and he predicts it will become similar to Amazon Prime over time.
Overall, the stock has a Strong Buy consensus rating, based on 18 Buys and 4 Holds. The average Walmart price target of $173.29 implies 15.69% upside potential to current levels.
Walmart also scores a 9 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations.
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