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Here's the Next $350 Retail Stock

Bret Kenwell

On Thursday, shares of Walmart Stores climbed 1.5%. Friday morning the stock was adding another 1.6% after analysts at Goldman Sachs raised Walmart stock to conviction buy from neutral.

Analyst Matthew Fassler also raised his price target to $84 from $78. The move implies about 12% upside from current levels. Walmart is in a rare position for a retailer in 2017: Its stock price is in the green. Shares are up about almost 9% so far this year.

Because of its strong inventory discipline and its ability to withstand Amazon.com, Inc. , Fassler likes Walmart. Plus, he sees higher earnings estimates for the next two years vs. Wall Street.

Fassler also upgraded Ulta Beauty to conviction buy from neutral. While he upped his rating, though, he lowered his price target to $310 from $321. It's a much-needed upgrade for bulls, as the stock has taken an inexplicable tumble over the past few trading sessions, down more than 10% over the past five trading sessions. Ulta is now up almost 4% in early Friday trading. 

Shares are below the 200-day moving average for the first time since March 2016, an impressive run spanning more than 16 months. It's not just Goldman's Fassler that's got it rallying, though. Jefferies' analyst Stephanie Wissink says the recent pullback is a buying opportunity. Momentum selling and a breakdown in technicals is mainly behind the drop, she says. But so too is the perceived threat of e-commerce.

Wissink's channel checks don't show any slowdown, as she believes Ulta's comparable-store sales could come in at the high end of its previous 12% to 14% guidance, or possibly even exceed it.

So where does Wissink stand in all of this? She's got a buy rating on Ulta with a whopping $350 price target, some 36% above Thursday's closing price.

What else is going on out there? A day after getting some analyst love, Snap Inc. was downgraded by Cowen over fears of its ability to make money. They cut the price target to $17 from $21 and lowered their rating to market perform from outperform.

Click here for TheStreet's Jim Cramer's perfect plan for Snap.

Finally, Boeing shares are up about 1% in Friday's early trading after analysts at JPMorgan upgraded the stock to overweight from neutral. Analysts also raised their price target to $240 from $205, implying roughly 17% upside from current levels. Analysts' explanation for why it's upgrading Boeing can be found here.

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