Jefferies Reiterates Buy Rating on Wal-Mart (WMT)

Jefferies & Company is out with a research report this morning, where it reiterates its Buy rating on Wal-Mart WMT; it has a $61.00 price target on the stock. The Jefferies analysts said that they continue to recommend shares based on the idea that a reversal of flawed merchandising decisions, which caused self-inflicted pain, will be corrected, resulting in improved sales trends. They expect renewed investor interest in this name as well on the back of indications of improving sales trends in the U.S. over the next six months. The Jefferies analysts also remarked on WMT's announcement that Tom Schoewe, after ten years of service, will be retiring from the position of CFO and will be replaced by Charles Holley, effective November 30th. They noted that a change in the CFO position was expected and that Holley is a good choice.