Continuing what has been a dominant month for the retail juggernaut, Walmart has gotten a price target increase to $90 after WMT reached a record-high stock price earlier this month. Indeed, the stock reached a new high mark on October 23rd, surpassing the $83 level.
That could just be the beginning for the company, however, as experts project it to continue rising. Specifically, Wells Fargo implemented the target increase from its previous $88. Moreover, the firm has an overweight rating on the company, predicting a nearly 10% upside for the shares.
Also Read: Walmart: WMT Gets $90 Target Upgrade Despite One Key Concern
Walmart Keeps Winning as It Looks to Set Yet Another Record
As we enter the holiday season, retail stocks are poised to benefit in a massive way. Yet, perhaps none could enjoy the massive increase that may be awaiting Walmart (WMT). As the stock continues to benefit from positive sentiment, there is a growing belief that it could just extend what has been a record-breaking run for the company.
Notable Wall Street analyst Wells Fargo was among the first to give Walmart a boosted price target to $90 after WMT reached a record high this month. The firm wasn’t alone, as KeyCorp also offered an increased target price of $88. Both marks would already surpass the company’s current all-time high.
Also Read: Walmart EVP Sells Over 2,000 Shares: What it Means for WMT
TD Cowen gave the company perhaps the most conservative target price increase. Specifically, the firm projected a price target of $85 for the retailer, up from its previous $80 mark. Additionally, they gave the company a buy rating in a research report issued earlier this year.
Another report issued this October has Walmart as one of the favorite stocks for Hedge Funds. With 95 hedge fund holders, there is a belief that the company will be driven by “competitive advantages” and benefits in the cost department.
Moreover, its growth drivers have depended on technology and automation that could only boost its appeal. Earlier this week, it also unveiled new AI integration into its operations. The ongoing AI boom could see the company get a small increase based on its reliance on the emerging technology and the potential of how it could be used in the future.