The firm raised the price target to $79 from $72 for the discount warehouse and department store retailer.
MKM reiterated its "neutral" rating and said the raise reflects recent multiple expansion across the market and retail.
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"We expect some year-over-year margin improvement in 4Q14 as Walmart cycles a number of one- time or discrete expenses, including store closings in Brazil and China, but on a normalized basis, we look for margin pressures to continue," said MKM Managing Director Patrick McKeever.
Shares of Walmart Stores are down 0.41% to $82.60 in pre-market trading on Friday.
Separately, TheStreet Ratings team rates WAL-MART STORES INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate WAL-MART STORES INC (WMT) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, increase in net income, reasonable valuation levels and notable return on equity. We feel these strengths outweigh the fact that the company shows low profit margins."