Walmart (NYSE: WMT), the consumer defensive giant, has been on an impressive run in 2024, surging over 51% year-to-date (YTD) and outperforming both its sector and the broader market. Recently, analysts at Citi upgraded their stance on the stock, becoming even more bullish after already being long-time supporters. They raised their price target on Walmart, citing significant growth ahead, and believe the company is well-positioned to continue dominating the retail space, gaining more market share.
Despite Walmart's nearly 50% rally over the past year, Citi's recent upgrade begs the question: Is it still a good time to buy?
Citi Analysts Turn More Bullish on Walmart
According to Citi's latest research note, Walmart is "well-positioned" for future growth despite potential consumer uncertainty. Citi raised its price target to $98 from $75, highlighting Walmart's substantial market share gains, especially in its grocery segment and solid e-commerce presence. Analysts noted that Walmart has been capitalizing on its strength in food and ...
