UPDATE: Jefferies Upgrades Wal-Mart Stores to Buy on Outlook

Jefferies raised its rating on Wal-Mart Stores

from Hold to Buy and increased its price target from $74 to $88. Jefferies commented, "We are upgrading shares to Buy as WMT gains firmer footing to propel the turnaround story beyond easy sales comparisons. We are raising our estimates and see potential for further multiple expansion as: 1) comp momentum continues in 3Q against tougher comparisons; 2) the upward EPS revision cycle continues; 3) unit growth accelerates for high-return smaller-format stores; and 4) international operations improve." Wal-Mart Stores closed at $75.01 on Thursday.