Paul Lejuez, an analyst from Citi, maintained the Buy rating on Walmart. The associated price target remains the same with $120.00.
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Paul Lejuez has given his Buy rating due to a combination of factors surrounding Walmart’s leadership transition and strategic initiatives. The announcement of CEO Doug McMillon’s retirement and the succession by John Furner is seen as a seamless transition, given Furner’s extensive experience and significant contributions to Walmart’s recent successes. Furner has been instrumental in the company’s transformation, particularly in areas like advertising, Walmart+, and automation, which are expected to continue driving growth.
Lejuez believes that Walmart’s strategic direction will remain consistent, with Furner maintaining the focus on customer-centric innovations and technological advancements. The anticipated continuation of Walmart’s successful strategies under Furner’s leadership supports the positive outlook. Additionally, the expected share price return of 17.0% further reinforces the Buy rating, indicating confidence in the company’s future performance.
In another report released yesterday, J.P. Morgan also maintained a Buy rating on the stock with a $128.00 price target.
Based on the recent corporate insider activity of 219 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of WMT in relation to earlier this year.