Walmart (NYSE:WMT) gained a new bull on Thursday as Tigress Financial analyst Ivan Feinseth stepped off the sidelines.

Feinseth told clients that key investments in Walmart+ consumer and business subscription services as well as promising Health & Wellness initiatives undergird his newly bullish outlook. Efforts to right-size inventory levels also ease concerns about the company, allowing it to maintain margins and continue strong performance even amid economic uncertainty.

“WMT will continue to drive growth and shareholder value creation through its dominant industry position and incredibly efficient operating model, as well as ongoing investments in new digital initiatives and greater omnichannel fulfillment capabilities,” Feinseth concluded. “WMT also benefits from a significant competitive advantage driven by its massive economies of scale, enabling it to offer a broad range of merchandise at competitive prices, and its purchasing, pricing, and marketing initiatives are driven by its advanced use of data analytics to optimize pricing and inventory management.”

He added that he foresees continued increases to shareholder return packages into 2023.

Feinseth raised his price target on the stock to $176 from a prior $170 alongside the upgrade to Buy from Neutral. Shares of the Arkansas-based retail giant rose 0.74% shortly after the market open on Thursday.

Read more on the retailer’s recent move to increase wages.