Oppenheimer analysts reiterated an Outperform rating and a $67 price target on Walmart (NYSE:WMT) ahead of the company’s Q1 earnings report on May 16.
The analysts reviewed the company’s current position and evaluated the competitiveness of Amazon’s new grocery subscription service. They anticipate another strong quarterly report from Walmart, expecting the management to reaffirm their full-year guidance, with a potential for earnings to exceed expectations.
Despite the mixed performance of Walmart shares in response to recent earnings reports, the analysts suggest seizing any market fluctuations following the earnings announcement, especially given Walmart’s significant recent outperformance. The analysts included a pricing study comparing Amazon’s new grocery service with Walmart, concluding that Walmart continues to offer superior value in the grocery segment compared to Amazon. For these reasons, Walmart remains a top pick for the analysts.