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Fly News Breaks for October 14, 2019
WMT
Oct 14, 2019 | 07:48 EDT
Morgan Stanley analyst Simeon Gutman noted that India's Economic Times recently reported that PhonePe could be spun out from Flipkart, with the article claiming that Walmart would keep the 77% stake in the company it currently holds via its existing stake in Flipkart. He values PhonePe at $7B in his base case and $20B in his bull case, believes it to be an underappreciated asset within Walmart and thinks a spin could help to unlock value, Gutman tells investors. He keeps an Overweight rating and $125 price target on Walmart shares.
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