Wal-Mart shares declined over 2 percent Tuesday despite a rise in quarterly profits as investors showed concern about the retail giant's cautious outlook.
View this pullback as a buying opportunity, Jeff Macke advised on CNBC's "Closing Bell."
And don't worry about the guidance, Macke said. Wal-Mart is still on the right track. And the fact that the company has moved from complaining about the economy to now taking advantage of the weakness is a bullish sign for investors, he said. “That’s the kind of company I want to be long.”
The only other retailer that could compare to Wal-Mart is big-box leader Costco , according to Macke. Wait for a pullback before buying that name, he urged. And he would stay away from specialty retailers like Sears . In this environment, the only trade is best of breed, Macke said.
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