UPDATE: Morgan Stanley Reiterates Overweight Rating, Removes PT on Wal-Mart Stores Following Investor Meeting

In a report published Thursday, Morgan Stanley analyst Simeon Gutman reiterated an Overweight rating on

, but removed the $84.00 price target. In the report, Morgan Stanley noted, “It was not deja vu all over again at WMT's 21st Investment Community meeting. Capital spending will decrease,albeit modestly (-4%), while physical store growth in the US division will decrease 24% next year. Though the overall capex cut may not have been as much as hoped, it is a step in the right direction, in our view. But, what derailed the stock yesterday was a reduced sales outlook vs. prior guidance and a realization that EBIT margins will continue to be under pressure as omni-channel investments are ramped up.” Wal-Mart Stores closed on Wednesday at $75.20.