Oppenheimer initiated coverage on retail giant Walmart (WMT) - Get Report with an "outperform" rating and a price target of $90 on Wednesday morning.

The firm believes Walmart is in a good position for sales growth as well as a recovery in profits.

Walmart is preparing to release its second quarter financial results later this month. The report is due out before the market open on Thursday, August 17.

Analysts surveyed by FactSet are expecting Walmart to report earnings of $1.07 per share on revenue of $120 billion for the most recent quarter.

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