Walmart Inc’s Mexico division said on Monday that it was now offering delivery within three hours for a range of home appliances and technology products that can be shopped on-line.
The move is meant to respond to competition from Amazon.com Inc when it comes to rapid shipping.
Amazon currently offers same-day delivery for particular items within Mexico City.
Walmart shares closed higher for a sixth consecutive trading session in New York on Tuesday. The stock edged up 0.33% ($0.38) to $114.64, after touching an intraday low at $113.58, or a price level not seen since August 29th ($113.31).
Shares of Walmart Inc have risen 23.07% so far in 2019 compared with a 15.93% gain for the benchmark index, S&P 500 (SPX).
In 2018, Walmart’s stock went down 5.67%, thus, it again outperformed the S&P 500, which registered a 6.24% loss.
According to Walmart de Mexico, the new service is to encompass nearly 12 000 items within certain dimensions delivered within Mexico. Those include TV sets, cell phones, laptops among others.
Earlier this year, the US retailer established two distribution centers focused on e-commerce in Mexico, which is the company’s biggest overseas market in terms of store count.
Analyst stock price forecast and recommendation
According to CNN Money, the 28 analysts, offering 12-month forecasts regarding Walmart Inc’s stock price, have a median target of $120.00, with a high estimate of $135.00 and a low estimate of $105.00. The median estimate represents a 4.68% upside compared to the closing price of $114.64 on September 3rd.
The same media also reported that at least 14 out of 30 surveyed investment analysts had rated Walmart Inc’s stock as “Buy”, while 10 – as “Hold”. On the other hand, 1 analyst had recommended selling the stock.