UPDATE: Gilford Securities Reiterates Buy on Wal-Mart Stores; 13-Year High Clears Way for Stock Price

Gilford Securities reiterates its Buy rating on Wal-Mart Stores WMT as it expects the stock to continue going higher in the weeks leading to the next earnings announcement. Gilford Securities notes, "$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." Wal-Mart Stores closed at $70.20 on Tuesday.