Jefferies Maintains Rating, PT On WMT

Jefferies is maintaining its Buy rating and its $61 price target on Wal-Mart Stores WMT as the company deals with “headwinds.” In the report, Jefferies writes, “We believe that Wal-Mart's decision to get back to a broader assortment is starting to benefit comp store sales in grocery, but we still expect total comp sales for the quarter to be down 1% for Wal-Mart US as discretionary sales remain under pressure. Non-food categories are in the process of being reset, but more work is ahead.” WMT closed yesterday at $55.17.