Walmart upgraded as shoppers stock-up in the face of the coronavirus pandemic - MarketWatch

Walmart Inc. WMT, +8.88% was upgraded to outperform from market perform at Oppenheimer as the coronavirus pandemic has driven shoppers to their local grocers in the face of more time spent at home "social distancing" and increased meal consumption at home. Oppenheimer has a 12-to-18 month price target of $125 on Walmart stock. The increased demand coupled with the slide in shares (down 7% over the past three months) puts the retail giant in a position to perform. "As we look forward, we believe the company is well positioned to still deliver on financial targets, and shares could benefit from money flows shorter-term as investors likely continue to seek safety in a more uncertain global economic backdrop," analysts led by Rupesh Parikh wrote. "As we have written about previously, grocers have clearly benefited from consumer stock-up activities lately." Analysts also think there will be an economic stimulus enacted by the government, which should help Walmart shoppers. Walmart shares have gained 13.6% over the past year while the Dow Jones Industrial Average DJIA, +3.16% has sunk more than 22% for the period.

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