Walmart stock price target raised to $138 from $128 at KeyBanc Capital

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Walmart shares rise after earnings beat, guidance raised

Walmart Inc. shares rose 3.6% in Thursday premarket trading after the retail giant reported third-quarter earnings that beat expectations and raised its guidance. Net income totaled $3.23 billion, or $1.15 per share, up from $1.71 billion, or 58 cents per share, last year. Adjusted EPS of $1.16 beat the FactSet consensus for $1.09 per share. Revenue of $127.99 billion, was up from $124.89 billion but missed the FactSet consensus for $128.60 billion. Walmart U.S. e-commerce sales rose 41% including “strong growth in online grocery,” the company said. U.S. same-store sales were up 3.2%, beating the 2.9% growth FactSet forecast. Total same-store sales rose 2.8%, below the 3% FactSet expectation. For fiscal year 2020, Walmart now expects adjusted EPS to increase slightly, including Flipkart, and to increase in the high single-digit percentage range excluding it. The FactSet outlook is for EPS of $4.95, implying a 0.8% increase. Previously, Walmart expected a slight decrease to slight increase in EPS, including Flipkart, and an increase by the mid-to-high single digit range excluding Flipkart. Walmart stock has rallied 30% for the year to date outpacing the Dow Jones Industrial Average, which is up 19.1% for the period.

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