Oppenheimer raised the firm’s price target on Walmart (WMT) to $110 from $100 and keeps an Outperform rating on the shares. In the coming years, the firm believes Walmart remains well-positioned to deliver at least 4% constant currency sales growth and 4-8% operating income growth. Looking at the shorter-term setup, Oppenheimer sees the potential for another beat in Q4, but a likely algorithm guide for FY25. The Street is currently modeling FY25 EBIT growth of about 10% vs. management’s algorithm of essentially +4-8%. As a result, the firm would be positioned to take advantage of any profit taking should it materialize on the upcoming report vs. playing for a positive catalyst.
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