UPDATE: Gilford Securities Reiterates Buy on Wal-Mart Stores; 13-Year High Clears Way for Stock Price
Gilford Securities reiterated its Buy rating on Wal-Mart Stores (NYSE: WMT) as it expects the stock to continue going higher in the weeks leading to the next earnings announcement.
In the report, Gilford Securities noted, "$70, a high for WMT established in 1999, capped a 13-year trading range. The stock poked its nose above $70 today, and we believe this clears the way for prices of $80-$100 over the next several years based on our projection of EPS growth. WMT has risen 45% in the last year, 23% in the last three months. The latest sprint was based on evidence that a turnaround at US Walmart is materializing. Confirming evidence is anticipated on August 16th when 2Q/12 results will be released. In the weeks until then, we expect WMT will move higher."
Shares of Wal-Mart stores were trading at $71.19 at the time of posting, up 0.62% from Tuesday's market close.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.