Walmart price target raised to $111 from $98 at Truist

Truist analyst Scot Ciccarelli raised the firm’s price target on Walmart (WMT) to $111 from $98 and keeps a Buy rating on the shares as part of a broader research note on select Consumer names. Based on the latest Truist Card Data, the firm is boosting its comps forecast for the company to up 0.5% from down 2%, noting that solid momentum has continued in Q4 from Q3, the analyst tells investors in a research note. The company’s sales trends remain robust, and Walmart continues to gain share across income cohorts due to their focus on price, convenience and assortment, which is resonating strongly with inflation-fatigued consumers, the firm states, adding that Walmart’s growing digital presence – now about $120B globally and about 18% of sales – is providing an easy gateway for higher-income consumers.