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Walmart Extends Closing of Most Stores to 10 pm from 830 pm

Walmart extended its operating hours at most stores to 10 p.m. from 8:30 p.m., to give customers more options to shop for necessities.

Walmart  (WMT) - Get Walmart Inc. Report pushed back the closing time of more than 4,000 of its 4,700 Walmart stores to 10 p.m. from 8:30 p.m.

That will happen by Monday, giving customers more options to shop for necessities.  the company said on its website.

“Additionally, our stores will host a senior shopping hour every Tuesday for customers age 60 and older who may be more vulnerable," the Bentonville, Ark., retailer said. 

"This will start one hour before the store opens. Our pharmacies and vision centers will also be open during this time.”

Walmart shares recently traded at $132.80, up 0.7%. They have climbed 12% year to date.

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Meanwhile Friday, DA Davidson analyst Michael Baker initiated coverage of Walmart with a buy rating and a $148 share-price target.

All the consumers staying at home give it a chance to thrive, helped by its "strong" grocery business and improved omnichannel structure, he wrote in a commentary cited by The Fly.

Walmart’s “basic” product mix will help it if the economy heads south, Baker said.

Morningstar analyst Zain Akbari likes Walmart too. “With unrivaled scale, prodigious procurement strength, a strong brand, and a growing e-commerce platform, we believe Walmart is the only American retailer that can compete comprehensively with Amazon's  (AMZN) - Get, Inc. Report retail offering,” he wrote in a commentary.

Walmart will benefit from its “dense store network, deep vendor relationships, and established brand,” he said. But he says the stock is overvalued, putting fair value at $111.