Guggenheim Shrugs Amazon Threat Lifts Walmart (WMT) Price Target

Walmart Inc. (NYSE:WMT) is one of the best stocks to buy according to billionaire Ken Fisher. On August 18, Guggenheim reiterated a ‘Buy’ rating on the stock and raised its price target to $115 from $112. The price target hike comes as the company demonstrates solid fundamentals, with revenues skyrocketing to $685 billion in the last 12 months.

In addition, Guggenheim remains confident about Walmart’s prospects, even as Amazon expands into its domain around same-day fresh food delivery. According to the research firm, Walmart boasts an unmatched scale and productive store and supply chain assets, which should give it a competitive edge in the space.

Consequently, Guggenheim expects Walmart’s second-quarter total sales to increase by 4.4%, resulting in EBIT growth of 8.7%. It also expects the retail giant to revise its EBIT growth guidance upwards from the current range of between 3.5% to 5.5%.

Walmart Inc. (NYSE:WMT) is a global retailer that runs a vast network of retail and wholesale stores, membership clubs, ecommerce platforms, and mobile apps across multiple countries.

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Disclosure: None. This article is originally published at Insider Monkey.