Lucas Jackson | Reuters
Shoppers look at merchandise at a Walmart store in Secaucus, New Jersey.
Barclays' retail analyst upgraded Wal-Mart shares to overweight from equal weight, saying the retailer is in the early stage of a real turnaround.
"We believe the tide is turning [for Wal-Mart]. Investments in labor appear to be resonating with the employees and therefore the customers, the quality of the product offering is improving, and service and execution has improved," analyst Karen Short wrote in a note to clients Thursday.
"WMT's recent initiatives are driving a turnaround and believe once momentum gains steam — retailers of WMT's size and scale rarely lose the momentum."
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