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UBS upgrades Walmart, saying it won new e-commerce customers during the pandemic

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A customer pays for her groceries after shopping at a Walmart store ahead of the Thanksgiving holiday in Chicago.
Kamil Krzaczynski | Reuters

(This story is for CNBC PRO subscribers only.)

UBS upgraded Walmart on Monday, saying the company won new customers during the pandemic and established itself as the second major e-commerce player behind Amazon.

"It's improved execution & successfully changed the narrative of its story from that of a mature brick & mortar retailer to being a viable #2 in eComm," said the note.

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