Wal-Mart Stores Inc. (WMT). The Bentonville, Arkansas-based retailer's price target was raised today to $55 from $54 by Lehman Brothers (LEH). Wal-Mart's 2008 earnings forecast was also raised ahead of the discount retailer's full-year and fourth quarter results next Tuesday. The broker said it now anticipates the company to earn $3.35 a share in 2008, up from a prior estimate of $3.30. It maintained its overweight stance on the stock.
Lehman said the company will benefit in 2008 from initiatives to improve profitability, returns and generate stronger cash returns. The broker added that it expects Wal-Mart's sales to receive a boost from tax rebates, which households are expected to receive in May. For the fourth quarter, Lehman expects the company to post earnings of $1 a share on revenue of $105.7 billion.
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