S&P Capital IQ Maintains its Strong Buy Rating on Wal Mart Stores, Target Price Raised

October 13 00:00 2011

NEW YORK, October 13 (RainbowNewsLine.com) – Analyst Joseph Agnese of S&P Equity Research reiterates his STRONG BUY rating on shares of Wal Mart Stores ( NYSE: WMT), while raising his estimates for the company. The target price has been raised from $61 to $68.

Analyst Joseph Agnese, in a research note published yesterday, mentions that the company would witness  positive comparable store trends during Oct & Jan quarters,  since the comparable store sales were positive during the past three months. The company plans to divert capital resources for the US for further expansion in present markets and launching small-format openings in urban markets thus reducing the remodeling costs. Considering US expansion and a favorable sales trend, analyst has raised FY12 EPS from $04.54 to $4.55.