UPDATE: Jefferies Raises PT to $57 on Wal-Mart

Jefferies raises its price target on Hold-rated Wal-Mart WMT to $57, up $3, as it expects Q4 positive comps with margin investment. Jefferies says, "Our checks lead us to think Wal-Mart achieved its goal for positive comp store sales in US Wal-Mart stores and we are upping our comp store sales estimate to 2.0% from 1.5%, against an easy comparison of -1.8% a year ago. Given the well communicated mission to invest in price, it is unclear how much margin Wal-Mart may have given up to accomplish a better comp store sales gain, so we are not changing our $1.45 Q4 EPS estimate." WMT closed at $62.04 a share on Thursday.