Walmart shares are up nearly 1% on the Wall Street Stock Exchange, benefiting from a positive analysis by Jefferies.

The analyst confirms his buy recommendation on the stock and his $77 price target following the group's shareholders' meeting and a meeting with management.

' This week, we were in Bentonville for Walmart's annual shareholders' meeting. During the event, we met with management and learned more about their recent technological innovations," says the analyst.

We were pleased with Walmart's announcements and continue to believe that AI and automation could generate more than $20 billion in incremental EBIT for Walmart by fiscal 2029', Jefferies points out.

Walmart said it now expects to perform 'at or slightly above the high end of its original guidance ranges' for its current fiscal year.

As a reminder, the world's number one retailer had initially forecast adjusted EPS of between $2.23 and $2.37, as well as like-for-like growth of between 4% and 6% for adjusted operating profit and between 3% and 4% for sales.

Copyright (c) 2024 All rights reserved.