Stifel Nicolaus raised its rating on Wal-Mart Stores WMT from Hold to Buy with a newly-established $83 price target.
Stifel Nicolaus noted, "WMT 2Q12 EPS release could be a positive catalyst for shares, in our view, due to U.S. comp store sales performance driving top- and bottom-line beat. We note: (a) Our READ Survey is showing y/y increases in consumers “shopping once a week” at WMT and y/y decreases in consumers who “don't shop at WMT” – and our store visits suggest improved basics merchandising is working; (b) lower-income consumers benefited from gas price deflation of roughly 5% during 2Q12 – adding roughly 50 bp to discretionary spending power y/y."
Wal-Mart Stores closed at $74.55 on Friday.
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