Goldman Sachs wished happy Friday to investors in Wal-Mart Stores Inc (NYSE:WMT) as the retailer's share price rose ahead of opening bell.
The investment bank upgraded Wal-Mart to ‘buy’ and proclaimed that it was positioned well to cope with the competition coming from Amazon, following the e-commerce and tech giant’s move for Whole Foods.
Not only was Wal-Mart upgraded, it was also added to the bank’s conviction list. With a target of US$84, Goldman Sachs sees some 12% upside.
Wal-Mart shares were up 1.28% changing hands at just over US$76 per share.