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Wal-Mart's Last Remaining Bearish Analyst Upgrades Stock

Inside A Wal-Mart Stores Inc. Location Ahead Of Black Friday
Photographer: Patrick T. Fallon/Bloomberg
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Wall Street’s last remaining Wal-Mart bear is gone.

Scott Mushkin, a Wolfe Research LLC analyst who’s had the equivalent of a sell rating on the shares since 2014, upgraded the stock to peer perform on Wednesday because of an expected spending increase in the wake of tax cuts passed by Congress. The move followed a rally over the past two years that dispelled most skeptics’ concerns that Wal-Mart Stores Inc. can’t compete in the Amazon era.