UPDATE: Citigroup Raises PT to $79 on Wal-Mart Stores Following Meeting with Management
Citigroup reiterates its Buy rating on Wal-Mart Stores (NYSE: WMT) and raises its price target from $78 to $79.
Citigroup says, "Management was very upbeat on the trajectory of its business. In the U.S., the company is focused on expanding its assortment and investing in price, and these actions are gaining traction with consumers. In its Intl. division, WMT is driving improved returns, esp. in Brazil and China. There is also sig. opportunity to lower COGS, and we believe WMT's guidance to improve its SG&A rate by +100 bps over the next five years could prove conservative."
WMT closed at $69.35 on Monday.
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