The stock of discount retailer Walmart (WMT) has hit an all-time high leading into the upcoming Black Friday and Cyber Monday sales events that are tied to the U.S. Thanksgiving holiday.
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WMT stock traded as high as $109.58 on Nov. 26, a record high on a split-adjusted basis. Shares are up more than 2% on the day as expectations rise for robust year-end holiday spending by consumers. Walmart, the largest U.S. retailer, started its Thanksgiving promotions on Nov. 14.
Black Friday deals being advertised by Walmart include an 85-inch Roku (ROKU) TV, originally priced at $678, marked down to $498. The retailer is also promoting a Blackstone outdoor barbecue for sale at $157, reduced from $224 previously.
Record Holiday Shoppers
Despite evidence that the U.S. economy is slowing, a record number of people are expected to shop online and in-store during Black Friday and Cyber Monday that bookend the American Thanksgiving long weekend. The National Retail Federation forecasts that 187 million people will shop between Black Friday and Cyber Monday this year, a record number.
The Retail Federation estimates that average spending on gifts and seasonal items such as decorations, cards, food, and candy at retailers such as Walmart will reach $890 a person this year. In all, holiday sales in November and December this year (physical stores and online) are forecast to top $1 trillion for the first time, up 4% from 2024.
Is WMT Stock a Buy?
The stock of Walmart has a consensus Strong Buy rating among 26 Wall Street analysts. That rating is based on 26 Buy recommendations issued in the last three months. The average WMT price target of $121.92 implies 11.58% upside from current levels.
