Walmart Inc. shares could surge more than 30% in the next 12 months as the shopping behemoth continues to gain market share even as grocery inflation eases, according to Piper Sandler.
Walmart has been on a remarkable run, outperforming competitor Target Corp. and a broad gauge of retailers this year as Wall Street bets that its discount model and strength in groceries will set it apart amid economic uncertainty. After surging 35% from a June 2022 trough and adding more than $100 billion in market value, its shares closed Monday near their all-time high set in April last year.
There’s more upside to come, according to analyst Edward Yruma. He upgraded the retailer to overweight in a Monday note and boosted his price target to a Street-high $210 from $145 — well above Monday’s closing price of $159.30.
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