Walmart (WMT)

Sep 2, 2022Trade Ideas

Shares of Walmart (WMT) appear to have bottomed out.

After slipping from about $142.50, the retailer caught strong support at $130.59. From here, we’d like to see the WMT stock again challenge $142.50 resistance. Longer-term, we’d like to see it refill its bearish gap around $150 a share.

Helping, analysts are turning bullish on the stock. Morgan Stanley, for example, recently raised its price target on WMT to $150 from $145. Truist raised from $117 to $134. MKM Partners raised from $152 to $158. DA Davidson raised from $148 to $163 a share.

Back to school spending is expected to help, as well. As noted by USA Today, “Combined spending could reach $110.7 billion, up 2% from last year’s record of $108.1 billion, Katherine Cullen, the National Retail Federation’s senior director of industry and consumer insights.”

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