Jefferies reiterates its 'buy' recommendation on Walmart, with a price target raised from $85 to $90, the day after a meeting with executives of the world's number one retailer, including its head of investor relations.

"Our conversation covered a myriad of topics, including Walmart's e-commerce business, the path to profitability in this segment and artificial intelligence (AI)", explains the broker.

In particular, it reports that the group 'is not seeing weaker consumer spending overall', that 'food inflation has been a little more persistent, but is improving', and that Walmart is gaining share in general merchandise.

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