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Walmart: Jefferies still a buyer after a meeting

( - Jefferies confirms its Buy recommendation on the stock and its $77 target price following the group's shareholders' meeting and a meeting with management.

This week, we were in Bentonville for Walmart's annual shareholders' meeting. During the event, we met with management and learned more about their recent technological innovations, the analyst says.

We were encouraged by Walmart's announcements and continue to believe that AI and automation could generate more than $20bn in incremental EBIT for Walmart by FY29, Jefferies points out.

Walmart said it now expects to perform at or slightly above its original guidance ranges for its current full year.

As a reminder, the world's number one retailer initially forecast adjusted EPS of between $2.23 and $2.37, as well as like-for-like growth of between 4% and 6% for adjusted operating profit and between 3% and 4% for sales.

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