USA: Wal-Mart adds another e-commerce property
Wal-Mart (NYSE:WMT) continues its busy year of e-commerce M&A activity with the purchase of trendy online clothing seller ModCloth.
The company didn’t disclose the amount it paid for ModCloth, although the Business of Fashion reports the price fell somewhere between $51M and $70M.
The retail giant has picked up Jet.com, ShoeBuy.com and Moosejaw over the last year.
Wall Street leans bullish on Wal-Mart (10 Buys, 18 Holds, 4 Sells) amid the company’s margin-pinching battle with Amazon and ongoing pressure in the broad retail sector. The analyst team at Bank of America addedWal-Mart to its US-1 List earlier this week on a positive view (Buy, $88 PT) of the e-commerce push out of Bentonville. The firm reasons that’s WMT’s price-earnings multiple will expand toward 19-20X as the e-commerce mix increases and price investments stoke store traffic.
Shares of Wal-Mart closed at $69.89 on Friday vs. a 52-week trading range of $62.72 to $75.19.
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