Walmart price target gets boosted by $5 to $175 at Wells Fargo

Wells Fargo & Co. analysts on Wednesday hiked their price target for Walmart Inc.
WMT,
+0.44%
to $175 from $170 a share on expectations that the retail giant will beat Wall Street estimates when it reports second-quarter results next week. “WMT seemed somewhat cautious on the macro in our recent meetings, but the company-specific tone was notably positive,” said analyst Edward Kelly. Wells Fargo now expects Walmart to earn $1.75 a share, ahead of the FactSet consensus view of $1.69 a share. Walmart reports earnings on Aug. 17. Walmart stock was up 0.3% in premarket trades. The stock has risen 13.3% in 2023, compared to a 17.2% increase by the S&P 500
SPX,
-0.26%.