Mar. 15, 2010 (Baystreet.ca) --
Retail superpower Wal-Mart Stores, Inc. (WMT) on Monday saw its rating and price target boosted by analysts at Citigroup.
The analyst raised its rating on WMT to "Buy" from "Hold," boosting its price target on the stock to $65 U.S. from $54 U.S. Wal-Mart shares had closed at $53.90 U.S. on Friday.
Citigroup noted that Wal-Mart is likely to win further market share due to upcoming price cuts.
Wal-Mart shares rose 50 cents U.S., or 0.9%, in premarket trading Monday.
The Bottom Line
Shares of WMT were removed from some "recommended" lists back last Oct.7, when the shares were trading at $57.90 U.S. The company has a dividend yield of 2.24%, based on Friday's closing stock price of $53.90 U.S. The stock has technical support in the $49-$50 U.S. price area. If the shares can firm up, there could be overhead resistance around the $56-$58 U.S. price range.
Still, some experts would remain on the sidelines for now.
Wal-Mart Stores, Inc. (WMT) is not recommended at this time, holding a Dividend.com DARS Rating of 3.4 out of five stars.
