Walmart stock price target reset by JPMorgan after earnings
After releasing its latest quarterly earnings report, Walmart experienced a decline in its stock price, dropping over 9%. In response, JPMorgan adjusted its stock price target for Walmart, reducing it from $137 to $125. Despite this, JPMorgan maintains an "Overweight" rating on the blue-chip stock. The mixed results were influenced by a slowdown in same-store sales, which were impacted by a new maximum fair pricing regulation and the growing health and wellness business.
Walmart's CEO, John Furner, described the quarter as a "good overall" despite pharmacy headwinds and emphasized growth in areas like membership, advertising, and e-commerce. JPMorgan's analysts believe that while the selloff has run its course, Walmart's trends are expected to improve as newer businesses continue to scale.
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