Most of the upside for Wal-Mart’s stock is now behind it after its big run this year, according to Goldman Sachs.
The firm on Monday lowered its rating for Wal-Mart shares to neutral from buy, citing valuation.
In a note to clients, analyst Matthew Fassler wrote that Goldman downgraded Wal-Mart because of the company’s “progress in growing earnings while investing in its business has been recognized by the market, as the stock’s multiple has surged.”
