Piper Sandler raised the firm’s price target on Walmart (WMT) to $123 from $111 and keeps an Overweight rating on the shares following “exceptionally strong” Q3 results. The firm notes the company posted strong numbers on all key metrics such as comparable sales, EBIT, and EPS, and numerous KPIs such as e-com and advertising growth — both of which saw healthy acceleration from the first half of the year. Also, Walmart saw its strongest growth in General Merchandise in several years, Piper adds. Looking forward, guidance was raised, as the company expects a healthy holiday quarter.
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