Strong economic data is driving the US stock markets; Walmart is raising its forecast for net sales, operating income and adjusted earnings per share. The declining inflation rate is raising hopes for an interest rate cut by the Fed, resulting in the significant gains of the Dow Jones, S&P 500, and Nasdaq Composite.
Walmart's stock has risen by 40% since the beginning of the year, reaching a record high on Q2 earnings and profit forecast. Walmart's success is attributed to its 'everyday low prices' which have attracted higher-income consumers, boosting sales both online and domestically.
Despite its premium valuation, Walmart continues to invest in emerging business lines and has revised its full-year guidance upwards. Wall Street analysts have a target price of $75 per share, while one analyst believes it could reach $80.
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