E-commerce retailer Walmart (WMT) has signed an agreement with Ibotta to create and launch a new digital offers program on Walmart.com and the Walmart app. The new rewards program will allow customers to earn cash rebates and discounts.
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Walmart will also be partnering with Ibotta Performance Network (IPN), a digital network that enables cash rebates to be delivered across large third-party sites, including social media networks, recipe sites, and other platforms.
Executive Vice-President and Chief Customer Officer at Walmart U.S., Janey Whiteside, said, “The partnership is a win-win. We’re able to find new and exciting ways to help customers save even more with Walmart, all while propelling our business forward, driving loyalty and creating new ways for us to engage suppliers.” (See Walmart stock chart on TipRanks)
On June 23, Jefferies analyst Stephanie Wissink assigned a Buy rating to the stock. The price target of $184 implies 34% upside potential from current levels.
Wissink said, “Based on YTD trends in food, mgmt sees members sticking to some at-home cooking alongside early evidence of recovery in entertaining. Interestingly, consumers are also continuing to pantry stock certain items, such as toilet paper.” He added that the overall renewal outlook remains encouraging based on member engagement.
Based on 15 Buys and 4 Holds, the stock has a Strong Buy consensus rating. The average Walmart price target of $167.24 implies 21.8% upside potential from current levels. Shares have gained 14.6% over the past year.
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