Walmart price target raised to $75 from $69 at Oppenheimer

Oppenheimer analyst Rupesh Parikh raised the firm’s price target on Walmart to $75 from $69 and keeps an Outperform rating on the shares. The firm notes Walmart shares are now up 27% year-to-date, outperforming a gain of 11% in the S&P 500. Oppenheimer expects a multi-year profit boom to continue driven by strong management execution, momentum in Walmart’s core geographies, and further scaling of higher margin alternative revenue streams. In Q1, successful execution of these efforts was on display with sales growth of 6% and operating income growth of 14%. From here, the firm expects beat-and-raises to continue and believes Walmart’s premium valuation can hold.