Citi Reiterates Buy and PT of $70 on Wal-Mart

Citi reiterated its Buy rating on Wal-Mart WMT. At the same time, Citi left its price target on the company's stock unchanged at $70. In a research report published today, Citi praised Wal-Mart's plan to mend its U.S. operations and increase its international presence in spite of a challenging macroeconomic situation. In the report, Citi states, "WMT is "taking responsibility for its own destiny" to fix its Walmart U.S. business, continue its momentum at Sam's Club, and grow its Int'l segment more profitably in spite of a challenging macro backdrop. Mgmt. believes it can drive EBIT margin improvement through improved sales..., flattish GM... and expense leverage. We reiterate our Buy (1M) rating and $70 price target for WMT." On Friday, Wal-Mart added 0.21% to its value to close the week at $53.66.