Piper Sandler analysts upgraded Walmart (NYSE:WMT) to Overweight from Neutral with a new price target of $210.00 (previously $145.00), attributed to market share gains. As a result, shares rose more than 1% pre-market today.

The analysts expressed confidence in Walmart's ability to further expand its market share as grocery inflation subsides. Piper Sandler emphasized the company's focus on competitive pricing and noted they expect a gradual increase in promotional activities, which bodes well with Walmart given the company’s strong focus on price. As a result, the analysts raised their estimates and consequently upgraded the stock.