Goldman Sachs Dumps Wal-Mart (WMT) In Favor of Target (TGT)

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By Douglas A. McIntyre Published
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Stock Tickers: WMT, TGT, ARA, BAX, CCK, FLEX

Goldman Sachs has made several changes to its Conviction Buy List this morning, most noted was a removal of Wal-Mart (WMT) from the list and replaces it with Target (TGT).  TGT was given a $68 target and WMT tatrget was cut to $53 from $57 per share.  On Wal-Mart Goldman siad they believe a turnaround is in its early stages and they see little positive momentum into the critical holiday season.  They are maintaining an official Buy rating on WMT, but simultaneously lowered Fiscal 2006 EPS from $2.87 to $2.83.  Target (TGT) estimates were raised by $0.01 to $3.18.

Baxter (BAX) walso trimmed off the Americas Conviction Buy List.

Aracruz (ARA) was also removed from the Americas Convistion Buy List as it is within 4% of the $63 target the have.

Flextronics (FLEX) also removed from Americas Convistion Buy List, shares are down 9% since being added to the list in September and they expect a more of a seasonal slowdown.

Crown Holdings (CCK) was added to the Americas Conviction Buy List.

Jon C. Ogg
December 1, 2006

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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