ISI Maintains Hold on Walmart

ISI is out with its report today on Walmart WMT, maintaining Hold. In a note to clients, ISI writes, "WMT equity looks like a better bet to us than a 10-year treasury… but its hard to see great upside as long as Capex/D&A of 160% is needed to support 4% sales growth. Management did say that if Capex was reduced they would likely miss some growth opportunities. So P/FCF at 17x might be more reflective of reality than P/EPS of 12x." Shares of WMT closed Friday at $53.66, up 0.21% from Thursday's close.