Retail giant Walmart is set to release its third-quarter fiscal 2024 results on November 16. Analysts have expressed optimism about the company’s performance and have reaffirmed their Buy ratings on Walmart’s stock (WMT).
Leading the positive sentiment, Jefferies analyst Corey Tarlowe expects strong U.S. comparable sales and earnings per share (EPS), prompting him to raise the price target for Walmart’s stock to $195. This indicates an optimistic outlook for the company’s financial performance.
Similarly, Stephens analyst Ben Bienvenu also raised the price target for Walmart’s stock to $190. He anticipates that the company will surpass expectations in the third quarter, further adding to the positive momentum.
Bank of America Securities analyst Robert Ohmes predicts that Walmart will experience increased market share in the grocery segment, accompanied by an uptick in gross margin. This projection suggests a positive market response to Walmart’s strategic moves and potential for further growth in the highly competitive grocery industry.
In line with these optimistic views, Wells Fargo analyst Edward Kelly believes that Walmart is well-positioned to capture even more market share. This assessment highlights Walmart’s strength in adapting to market demands and catering to evolving consumer preferences.
Overall, analysts maintain a Strong Buy consensus rating on Walmart’s stock, with an average price target of $181.03. This suggests an 8% upside potential, indicating the high expectations for Walmart’s performance in the near future.
Options traders are also actively pricing in a +/- 3.43% move on Walmart’s earnings. This indicates that investors are anticipating potential volatility following the release of the company’s third-quarter results.
With analysts projecting a strong performance, Walmart’s upcoming earnings report has the potential to have a significant impact on the stock’s market value. Investors and market participants will closely monitor the company’s Q3 fiscal 2024 results and subsequent guidance to gauge the direction of the retail giant’s future growth and profitability.