This year’s ‘Black Friday’ deals are to be extended beyond the traditional one-day period at Walmart Inc (WMT), the US retailer said on Wednesday, amid a significant change in clients’ spending habits because of the coronavirus pandemic.
Walmart shares closed higher for a fifth consecutive trading session in New York on Tuesday. It has also been the sharpest single-session gain since October 1st. The stock went up 1.37% ($1.98) to $146.23, after touching an intraday high at $146.60, or a price level not seen since September 3rd ($149.58).
Shares of Walmart Inc have risen 23.05% so far in 2020 compared with an 8.70% gain for the benchmark index, S&P 500 (SPX).
In 2019, Walmart’s stock went up 27.58%, thus, it underperformed the S&P 500, which registered a 28.88% gain.
Customers will now be able to take advantage of reduced prices during three separate savings events in November. Each of the events will commence online at Walmart.com and continue in brick and mortar stores, Walmart said.
The promotions will be valid for Walmart’s entire list of products.
“Although this year’s event looks different, our commitment to what our customers depend on us for … hasn’t changed,” Scott McCall, Walmart U.S. executive vice president and chief merchandising officer, was quoted as saying by Reuters.
Analyst stock price forecast and recommendation
According to CNN Money, the 31 analysts, offering 12-month forecasts regarding Walmart Inc’s stock price, have a median target of $148.00, with a high estimate of $175.00 and a low estimate of $104.00. The median estimate represents a 1.21% upside compared to the closing price of $146.23 on October 13th.
The same media also reported that at least 19 out of 33 surveyed investment analysts had rated Walmart Inc’s stock as “Buy”, while 6 – as “Hold”. On the other hand, 1 analyst had recommended selling the stock.