Oppenheimer raised the firm’s price target on Walmart to $90 from $81 and keeps an Outperform rating on the shares. The firm believes Walmart remains well positioned to deliver the company’s top- and bottom-line algorithm for about 4% sales growth and 4%-8% operating income growth. The potential for continued broad-based global top-line momentum, ramping alternative revenue streams, benefits from automation, and strong execution should help to sustain the recent strength in fundamentals, in Oppenheimer’s view. Following major gains lately and a new peakish valuation, the firm now believes the bull run is in the middle innings vs. the early to mid-innings. Walmart remains a top pick for Oppenheimer.

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