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Walmart’s stock is currently trading at 121.37-higher by 1.27% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 1.14%. The stock has continued gaining after the opening bell.
Investment bank UBS upgraded the company’s stock to buy from neutral. The investment bank also hikes the price target of Walmart to $135 per share from $130 a share. The investment bank upgraded the stock of Walmart saying the retail giant acquired new customers during the coronavirus pandemic and established itself as the second major e-commerce company.
UBS also said that the retail giant is entering a period of accelerated earnings growth due to an enhanced productivity loop, increased e-commerce sales, and accelerated technology deployment. The investment bank also sees potential for the retail giant in healthcare with the Indian business. UBS said that in an uncertain environment Walmart offers the prospect of best-in-class consistency. Stocks of the company have rallied about 2% Year-to-date.
On the technical front, the RSI is currently at 48.86% and suggests that the market can move in the upward direction. The current price is above the MA5. The %K has crossed the %D from below to the upside at around 16% and suggests that the market can move in the upward direction.
Overall Bias is Positive and short-term trades can be initiated with tight Stop Loss and Profit targets.
TRADE SUGGESTION- LIMIT BUY AT 121.05 TAKE PROFIT AT 122.25 STOP LOSS AT 120.45