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Walmart Shares Jump After Morgan Stanley Upgrade, Solid European Retail Results

Martin Baccardax

Morgan Stanley analyst Simeon Gutman lifted his rating on the stock to 'overweight' from neutral, with a price target of $110 per share, a moved the followed strong gains for European retailers after French giant Carrefour said revenues for the three months ending in December came in at €22.6 billion, defying concerns that weeks of protests in Paris and elsewhere had impacted sales for the region's biggest grocery store chain. Walmart shares rose 1.3% to $98.71 by the close of trading on Wednesday, a move that extends the stock's three-month gain to around 12.6% and value the Bentonville, Arkansas-based retail giant at just under $288 billion.