One of the biggest retailers in the United States, Walmart (WMT), just got its price target boosted to $85 while getting an outperform rating from the Evercore ISI research firm. The update is a marginal increase from expectation but affirms analysts’ belief that there’s a 4.64% upside to the current price of the stock.
There have been a plethora of firms that have also lifted their price target for the retail store. There seems to be a plethora of reasons, including its recent increase in online sales. That reality, along with favorable developments in the pharmaceutical sector, has Walmart eyeing an impressive end to October.
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Walmart Gets Outperform Rating as Price Target is Increased Across the Board
The consensus opinion on Walmart’s stock performance seems to be a positive one. Indeed, the retailer has seen analysts eye increased potential for the store as it enters the last few months of the year. Indeed, it could be benefiting from significant developments announced throughout this week.
Walmart (WMT) has seen its price target get a boost across the board, as well as getting an overperform rating. Stifel Nicolaus increased their price target to $73.00 in a recent report. Moreover, DA Davidson saw its outlook jump from $75 to $85 in its latest analysts. That sentiment was echoed by Bank of America, which issued the same target increase.
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The store looks to be benefiting from an increase in the share of online grocery sales. With the economy booming, WMT was among the best performers, taking most of the growth throughout Q3. According to a report, overall grocery sales for the quarter jumped 13.8% to reach $27.4 billion.
Additionally, Walmart has officially launched a same-day prescription delivery feature that will allow customers to get access to delivery as quickly as 30 minutes. The move shows the company’s continued embrace of e-commerce while still maintaining thriving physical locations. These factors led the WMT stock to hit an all-time high of $81.98 Tuesday, amid its ongoing rise.
