Wal-Mart Catches A Goldman Sachs Upgrade (WMT)

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Wal-Mart (NYSE:WMT) has been upgraded by Goldman Sachs in a late afternoon research call today.  The bulge bracket firm raised Wal-Mart’s rating from a Neutral to Buy.  Barron’s also ran an article mid-day with a note citing "Wal-Mart Will Rise Again."   Interestingly enough, the company issued a release noting that the head of Wal-Mart’s outreach to environmental groups was leaving the company.

Shares ticked up on this news late in the day.  Shares had been down around $45.75 and then popped up to $46.35 before settling into the $46.00 area right at 4:00 PM EST for an unofficial close.  Wal-Mart’s 200-day simple moving average of $46.73 looks to be adding some resistance.

Jon C. Ogg
October 17, 2007