Jim Cramer noted that bricks-and-mortar sector is rallying today. Costco (COST) - Get Report is doing well, and Cramer likes TJX Companies (TJX) - Get Report although it's not participating. People want to own the department stores like Walmart (WMT) - Get Report which is totally right -- Walmart could even be a competitor to Amazon (AMZN) - Get Report because of the Jet.com acquisition.
Meanwhile, Oppenheimer initiated coverage on retail giant Walmart 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.
Walmart shares fell 0.5% to $80.46 early Friday afternoon.
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