KeyBanc Reaffirms Overweight Rating on Walmart Stock Amid Ongoing Momentum

KeyBanc maintained its 'Overweight' rating on Walmart stock (NASDAQ:WMT) and set a price target of $135.00, citing the retailer's ongoing momentum in various areas such as delivery, advertising, supply chain automation, and Marketplace.

The firm visited Walmart's Fashion Pop-Up in New York City to evaluate its fashion expansion efforts, which include private label and exclusive brands like Scoop, Free Assembly, Avia, and Scenario. KeyBanc expressed encouragement about the quality and breadth of products on display.

Walmart's international division reported a 7.9% net sales growth in constant currency for the second quarter, with significant performance in China where net sales grew by 20.7% and e-commerce sales increased by 26%, according to Deutsche Bank.