Walmart move to Nasdaq ‘more than symbolic,’ says Jefferies

As Walmart (WMT) officially transitions it listing from the NYSE to the Nasdaq, Jefferies contends that the move is “more than symbolic” as it positions Walmart for Nasdaq 100 inclusion, which the firm believes could drive incremental passive inflows from index-tracking funds and “reinforce its narrative as a tech-powered omnichannel retailer.” The firm, which also argues that the company’s recent “beat & raise” report has already shifted investor sentiment toward Walmart’s “tech-forward growth story,” keeps a Buy rating and $125 price target on the shares.