Deutsche Bank upgraded Walmart to Buy and raised its price target, lifting WMT 3% to $119.39 in morning trading while the broader market and retail sector slipped. The SPDR S&P 500 ETF Trust (SPY) fell 0.3% to $767.54 and the SPDR S&P Retail ETF (XRT) fell 0.5% to $84.27. Target (TGT) rose 1% to $156.87 and Costco (COST) rose 1% to $993.75. Analyst Krisztina Katai points to building pricing tailwinds and accelerating market share, especially in food, along with growth in e-commerce, marketplace, advertising and membership. The article reads the move as a defensive shift, while noting that Walmart's gains could have less room to run if that rotation reverses.
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