Goldman downgrades Walmart on valuation concerns
Goldman Sachs downgraded Walmart (WMT) to Neutral from Buy and assigned a new price target of $100 a share. In a note to clients, Goldman analyst Matthew Fassler cited concerns about the stock’s current valuation. Shares of Walmart have jumped nearly 40% since the start of the year.
Qualcomm is reportedly closer to completing buyout of NXP Semiconductors
Japanese antitrust regulators are close to approving Qualcomm’s (QCOM) buyout of NXP Semiconductors, according to a report by Reuters. The $38 billion deal is also reportedly set to gain Europe’s approval by the end of the year. Qualcomm’s stock was last trading down 0.5% at $66.41 a share.
Urban Outfitters earnings on tap
Urban Outfitters (URBN) is set to report third-quarter earnings after the market closes this afternoon. According to Bloomberg estimates, analysts are expecting the retailer to report adjusted earnings per share of 33 cents on revenue of $860.55 million. The company’s efforts to boost its women’s apparel business is expected to lift results. Urban Outfitters shares have rallied nearly 44% over the past three months.
Amazon gets another bullish call
Nomura Instinet reiterated its Buy rating on Amazon (AMZN) and upped its price target to $1,360 from $1,100, which is among the stock’s most bullish calls on the Street. The firm thinks Amazon’s shift to higher margin products will drive its business. Amazon shares have jumped more than 50% since the start of the year.