Walmart's Price Target Raised to $70 After Strong Q1 Earnings

By Don Francis, Editor
May 18, 2024 10:00 AM UTC
Walmart's Price Target Raised to $70 After Strong Q1 Earnings

Raymond James's Bobby Griffin raised their price target on Walmart (NYSE: WMT) by 11.1% from $63 to $70 on 2024/05/17. The analyst maintained their Buy rating on the stock.

Following Walmart's Q1 2025 earnings report, Griffin expressed optimism about the company's performance. "Nicely ahead of expectations with management's FY 2025 outlook more favorable with constant currency sales, EBIT, and adjusted EPS guided to the high-end to slightly above initial guidance ranges," Griffin summarized. The analyst highlighted that Walmart's higher-margin businesses are gaining momentum, evident from the Q1 earnings beat and the positive FY 2025 guidance.

In addition to Griffin's update, several other analysts also revised their ratings and price targets for Walmart on May 17, 2024. Stifel Nicolaus's Mark Astrachan raised the price target by 6.2%, from $65 to $69, while maintaining a Hold rating on the stock. Truist Securities's Scot Ciccarelli raised the price target by 6.7%, from $60 to $64, also maintaining a Hold rating. KeyBanc's Bradley Thomas went a step further, increasing the price target by 19%, from $63 to $75, and maintaining a Strong Buy rating on the stock.

Currently, 87.5% of top-rated analysts consider WMT a Strong Buy or Buy, while 12.5% view it as a Hold. None of the analysts recommend or strongly recommend selling the stock.

Analysts project that Walmart's upcoming fiscal year will yield earnings per share (EPS) of $2.17. If their predictions are accurate, this would signify a 13.2% year-over-year increase in EPS.

In terms of stock performance, WMT has shown strength. Since the last quarterly report on January 31, 2024, the stock price has risen by 17.4%. Looking at the year-over-year comparison, WMT has outpaced the S&P 500, with an increase of 29.7% compared to the index's 27.5% growth.

Raymond James analyst Bobby Griffin, who raised the price target on Walmart, has a notable track record. WallStreetZen ranks Griffin in the top 6% of Wall Street analysts, out of a total of 4,587 analysts. With an average return of 11.5% and a 57.1% win rate, Griffin specializes in the Consumer Cyclical and Technology sectors, among others.

Walmart Incorporated operates various retail, wholesale, and online units in the United States and internationally. The company's operations are divided into three segments: Walmart U.S., Walmart International, and Sam's Club. Walmart's diverse range of stores includes supercenters, supermarkets, hypermarkets, warehouse clubs, discount stores, and membership-only warehouse clubs. Founded in 1945, the company is headquartered in Bentonville, Arkansas.

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