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STORES (WMT 76 ****): We reduce our 12-month target $6 to $86, applying a P/E of 17.7X, 5% above its 3-year average, to our FY 16 (Jan.) EPS estimate of $4.84, down from $4.95. Apr-Q adjusted EPS of $1.04 vs. $1.10 is $0.01 below our estimate on unfavorable forex. Comparable store sales growth of 1.1%, below our 1.5% estimate, was restricted by lower food inflation and increased out of stocks caused by the west coast port strike. Although margins narrowed on increased spending on labor (wages, training and hours) and technology initiatives, we see these investments supporting long term EPS growth./
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