Tags: bank of america | walmart | target | online | sales | amazon

BofA: Buy Walmart, Target as Online-Sales Growth Rivals Amazon

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By    |   Friday, 30 November 2018 09:13 AM

Bank of American Merrill Lynch reportedly says Target Corp. and Walmart Inc. online sales are outpacing those at Amazon.com Inc. and urges clients to buy the stocks.

Analyst Robert Ohmes says Walmart (WMT) saw its U.S.-owned e-commerce growth accelerate to 43 percent in the third quarter, while Target (TGT) jumped 49 percent year-over-year, CNBC reported.

"The impressive sales acceleration reported by both Walmart and Target in the most recent quarter implies both company's expanding omni-channel initiatives are resonating with shoppers," Ohmes wrote.

Ohmes adds that the snowballing growth has been supported by the rapid expansion of buy-online, pick-up in store options.

Meanwhile, all three companies apparently did well as the holiday shopping season began.

Amazon.com (AMZN) saw its biggest shopping day in history on Cyber Monday, with the most products ordered worldwide than any other day, Bloomberg reported. Amazon customers ordered more than 18 million toys and 13 million fashion items on Black Friday and Cyber Monday combined, with the new Echo Dot Alexa device the top selling product on Amazon globally over the holiday weekend.

Despite Amazon’s encroachment, big-box retailers still know how to pull off a dynamite Black Friday. Walmart Inc., Best Buy Co. and Target Corp. all kicked off holiday promotions weeks before the big weekend but still found ways to entice buyers with the Black Friday doorbusters and promotions they’ve become famous for.

Target, which added about 500 square feet of additional space for toys across 500 stores this season, was rewarded. Walmart also benefited from the absence of Toys “R” Us. “Target and Walmart seemed to do the best job of picking up toy market share,” Barclays analysts said in a note. Best Buy was a winner in TV sales, KeyBanc analysts wrote, helped in part by its unlikely ally -- Amazon, which has partnered with the nation’s biggest electronics chain to sell smart televisions embedded with Amazon’s Fire platform.

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Bank of American Merrill Lynch reportedly says Target and Walmart online sales are outpacing those at Amazon and urges clients to buy the stocks.
bank of america, walmart, target, online, sales, amazon
316
2018-13-30
Friday, 30 November 2018 09:13 AM
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