Walmart investor day reinforces top pick status at Citi

Citi reiterates Walmart (WMT) as a top pick following the company’s investor day. “Though the macro backdrop may be changing by the hour, the WMT story is steady,” the analyst tells investors in a research note. The firm says the company offers a favorable positioning against any backdrop, helped near- and long-term by its “many years of investments that are now paying off.” Citi believes no one can offer the omni-channel experience of Walmart, and says the company’s supply chain and technology “are so far ahead of the competition that we don’t see anyone catching up.” Walmart’s leadership in food, broad assortment, mindshare for value and wide price gaps versus competitors give it the flexibility to maintain its momentum and increase market share in this environment, the firm contends. It keeps a Buy rating on the stock with a $120 price target