Cowen Cuts Price target on Wal-mart (WMT) to $66 Following Investor Day

Cowen maintained a Market Perform rating on Wal-Mart (NYSE: WMT), and cut the price target to $66.00 (from $77.00), following an investor day. WMT’s NYC Investor Day was primarily focused on the WMT US division and e-com business as these two segments are the primary top-line growth drivers. Ultimately, WMT looks to win by leveraging its store fleet, adding capabilities to optimize/simplify supply chain, & by building deeper digital relationships with its customers.

Analyst Oliver Chen commented, "Just a Simple Store is Over. Changes Ahead to Benefit the Customer; But, at the Expense of EPS. To compete for share in the modern retail environment, WMT must offer improved customer service, a seamless shopping experience, a sharply priced assortment, plus fast shipping; put simply, paying for this yields EPS deleverage of -6% to -12% in FY17E. Reit. Market Perform."

For an analyst ratings summary and ratings history on Wal-Mart click here. For more ratings news on Wal-Mart click here.

Shares of Wal-Mart closed at $60.03 yesterday.

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