Walmart remains a top pick ahead of Analyst Day, says Oppenheimer

Oppenheimer analyst Rupesh Parikh notes Walmart will host an Analyst Day on April 4-5. The firm expects an upbeat tone from management on the underlying drivers of the business and believes the company is likely to reiterate FY23 guidance and long-term targets for 4%-plus sales growth and operating income growth ahead of sales growth. Oppenheimer also anticipates an increased focus this year on alternative revenue streams and return on investment. Historically, Walmart’s shares have had mixed performance on analyst days. The firm would take advantage of any weakness with the event. Walmart remains a top pick for Oppenheimer, with an Outperform rating and a price target of $160.