Walmart Gets Price Target Hikes By Analysts After Strong Q1 Results

Walmart Inc WMT reported better-than-expected results for its first quarter and raised full-year forecast.

Walmart reported quarterly sales growth of 7.6% year-on-year to $152.30 billion, beating the analyst consensus estimate of $148.65 billion. Adjusted EPS was $1.47, beating the consensus of $1.32.

For FY24, the company raised FY24 adjusted EPS guidance from $5.90 - $6.05 to $6.10 - $6.20 versus an estimate of $6.15. It also raised FY24 net sales guidance from 2.5% - 3% growth to 3.5% growth (CC).

Walmart shares rose 1.3% to close at $151.47 on Thursday but lost 0.2% in today’s pre-market trading session.

These analysts made changes to their price targets on Walmart following earnings announcement.

• Telsey Advisory Group raised the price target on Walmart from $160 to $168. Telsey Advisory Group analyst Joseph Feldman maintained an Outperform rating.
• JP Morgan lifted the price target on Walmart from $155 to $157. JP Morgan analyst Christopher Horvers maintained a Neutral rating.
• Citigroup raised the price target from $169 to $174. Citigroup analyst Paul Lejuez maintained Walmart with a Buy.

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