Wells Fargo analyst Edward Kelly raised the firm’s price target on Walmart to $75 from $70 and keeps an Overweight rating on the shares ahead of quarterly results. With growing back-half uncertainty, the firm continues to favor Walmart given its offense/defense combo. Wells expects Walmart to deliver on the 3.0%-3.5% comp bar and sees potential for some upside to consensus EPS given management’s conservative track record on guidance. It also expects the company to further solidify its view of full year EPS above the high end of initial guidance.
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