UPDATE: JP Morgan Upgrades Wal-Mart to Overweight

In a published note, JP Morgan upgrades Mal-Mart Stores, Inc.

from Neutral to Overweight as the low-beta stock is seen as a nice complement to portfolio strategy. JPM bases the upgrade on the following: “(1) We see continued momentum in domestic sales driven by the turnaround in Walmart U.S. and ongoing strength at Sam's; (2) our desire to add a low-beta stock with company-specific drivers as we ponder what could be a post-Holiday moderation in retail sales; and (3) not onerous valuation levels. Our PT of $64 is based on 13x PE using our 2012 EPS forecast of $4.86 (representing 7x EV/EBITDA) and represents ~12% upside from current levels (which we view as a solid return in light of the stock's beta and decade long price stagnation).” WMT closed at $57.23, up 0.88 percent, on Friday.