Citibank recently predicted that Walmart’s stock is poised to surge 15% because of the crucial role it is playing in helping Americans purchase essential items amid the coronavirus crisis.
Citi has a “buy” rating and a $140 per share price target on Walmart stock (WMT), implying about a 15% rally from the recent closing price of $121.84 per share, CNBC reported.
“This is WMT’s time to shine,” the new Citi analyst Paul Lejuez said in a note to clients. “When we think about what has been working in general within the U.S. retail landscape (and what will likely continue to work), we would characterize it as online, off-mall, convenience and value. WMT checks all four boxes,” he said.
“Because the company is there to serve customers through this period, we believe it will result in more customer loyalty with existing customers and help WMT gain new customers that might not have shopped WMT before,” Lejuez added.
Walmart also said it would start taking the temperature of employees and provide them with masks as it addresses growing safety concerns among retail workers laboring through the coronavirus crisis.
The retailer, which is the largest employer in the United States, also said it was in the process of sending infrared thermometers to all its locations in the next one to two weeks and would send back workers who record a temperature of 100 degrees or more.
Walmart, like its peers Target and Kroger, has undertaken a number of safety measures such as reducing hours for cleaning and restocking as demand for food supplies and essentials skyrockets on concerns that lockdowns to curb the virus might crimp supply.
Many service industries across the globe have adopted similar safety measures. Casinos in Macau that reopened last month have been tasked by the government to enforce temperature checks, mask protection and health declarations for staff and guests.
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