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More on JPMorgan's downgrade of Wal-Mart (WMT): The firm takes the line that the payroll tax increases hitting consumers will directly affect the spending habits of WMT shoppers and warns the benefits derived from improving "core competencies" have largely played out. NBG's Brian Sozzi for one thinks the rationale makes sense, will more firms move to the sidelines on the retailing giant? WMT -1.1% premarket to $69.74, still well-below JPMorgan's PT of $75.
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