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Walmart Inc. is facing a crowded retail landscape heading into 2020, but Morgan Stanley analysts are bullish about the retail giant s growth potential. Analyst Simeon Gutman thinks Walmart had a "solid" performance in 2019, and forecasts continued EBIT growth in the U.S. in 2020. "Walmart s scale and relative defensiveness look even more compelling in light of increasing competition across categories," he wrote. Morgan Stanley rates Walmart stock overweight and raised its price target to $130 from $125. Walmart shares gained 28% in 2019 while the Dow Jones Industrial Average is up 22% for the year.

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