Piper Sandler Sticks to Buy on Walmart as US Retail Sales Fall

Walmart (WMT) has received a buy rating from Piper Sandler, which is maintaining its target price at $137. This news comes as U.S. retail sales unexpectedly turned negative in July, falling by 0.6% month-on-month, marking the largest decline since May last year.

The primary drivers of this decline included the waning boost from government tax rebates and the pull-forward of consumer demand due to Amazon Prime Day being moved up to June. Additionally, a drop in gasoline and automobile sales also contributed to the decline.