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Walmart: shares rise after broker upgrade.

(CercleFinance.com) - Shares of Walmart rose on Wednesday after RBC Capital Markets upgraded the US retail giant from "underperform" to "sector perform," saying that the shares should continue their re-rating.

The stock seems expensive, analysts wrote in a report, but the changes Walmart has made to its business should soon pay off, they said.

"We still believe the company is in midst of a multi-year investment cycle that will continue to suppress earnings growth," RBC said.

However, the analysts - who have increased their target price on the stock from 92 dollars to 96 dollars - said that investors will increasingly view the company as Amazon's "true competitor."

Walmart shares are currently trading up 0.7% at 97.4 dollars on the Dow Jones index this Wednesday.

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