(Updated to include Truist's commentary)
Truist Securities lowered its price target on Walmart (WMT) to $114 from $140 following the retail giant's Q2 earnings.
Although the quarter did not deliver the type of beat/raise investors have become accustomed to, the brokerage highlighted that the company continues to gain market share, is further widening price gaps and rapidly growing their higher-margin alternative revenue streams, such as advertising, membership, and marketplace, analysts Scot Ciccarelli and Joseph Civello wrote in a Thursday note.
The brokerage lowered its price target, citing adjustments to estimates amid a rising cost environment.
Walmart has an average rating of overweight and mean price target of $131.03, according to analysts polled by FactSet.
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Price: $102.41, Change: $-1.18, Percent Change: -1.14%