Walmart (NYSE:WMT) stock is in the news Tuesday as investors react to the latest coverage from Piper Sandler analyst Edward Yruma.
Starting with the new price target, the Piper Sandler analyst believes WMT stock can hit $210 per share over the next year. That represents a potential upside of about 32% compared to yesterday’s close. It’s also incredibly bullish next to the analyst consensus price prediction of $166.91 per share.
To go along with that price target, Yruma upgraded shares of WMT stock from a “neutral” rating to an “overweight” rating. For the record, the analyst consensus rating for WMT is a “moderate buy” based on 30 opinions.
Why the Bullish Stance for WMT Stock?
Here’s what the Piper Sandler analyst said about Walmart shares in a note to clients obtained by CNBC:
“While we think intuitive logic dictates that WMT is well positioned during an inflationary period (trade down), we believe that a gradual intensification of promos augurs well for WMT given its sharp focus on price, and we raise our estimates accordingly.”
As far as investor reactions to the upgrade go, some 1.2 million shares of WMT have changed hands as of this writing. That still has a ways to go before it reaches the company’s daily average trading volume of about 5.7 million shares.
It’s also worth noting that WMT stock isn’t seeing much price movement as of Tuesday morning. Even so, the retailer’s shares are up 10.7% year-to-date (YTD).
Investors looking out for all of the latest stock market news will want to keep reading!
We have breakdowns of all the biggest stock market stories worth reading about on Tuesday! That includes what’s happening with shares of Mobileye (NASDAQ:MBLY), Nio (NYSE:NIO) and Biogen (NASDAQ:BIIB) stock today. You can read up on all of these matters at the links below!
More Stock Market News For Tuesday
- MBLY Stock Alert: Morgan Stanley Restarts Mobileye Coverage
- NIO Stock Revs Up on New Economic Hopes
- Biogen Layoffs 2023: What to Know About the Latest BIIB Job Cuts
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
