Morgan Stanley raised the firm’s price target on Walmart (WMT) to $89 from $82 and keeps an Overweight rating on the shares. The firm is expecting “modest upside” for Q3 results and Q4 implied guidance on higher operating leverage. The stock should remain supported, provided that Walmart continues to penetrate high-income cohorts and leverage critical mass in e-commerce, the analyst added in an earnings preview note.
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