WMT has been on a record run this year
Piper Sandler assumed coverage of Walmart Inc (NYSE:WMT) with an "overweight" rating and $81 price target. The analyst in coverage said "the company is in the early stages of an unprecedented profit growth acceleration for a large and mature retailer," and that it is on track to increase its 32.9% year-to-date gain.
Plus, Jefferies praised Walmart's artificial intelligence (AI) progress and reinforced it as a a top pick, after the company revealed plans to open five automated distribution centers.
WMT was last seen trading near breakeven at $69.85, but yesterday notched an all-time high of $70.24. The security has been on a continued record-high run since its mid-May bull gap, with recent support at the 20-day moving average.
Piper Sandler is joining a bullish majority, with all but three of the 41 firms covering Walmart stock rating it a "buy" or better. Should WMT continue on this path, it could soon see price-target hikes, as the consensus 12-month consensus price objective $72.80 is only a 4.3% premium to current levels.