The Wesfarmers Ltd (ASX: WES) share price has continued its solid run on Friday and is up 0.5% to $43.41.
This means that the conglomerate’s shares have now risen almost 5% week-to-date.
Why are its shares on the rise?
Investors appear to have been pleased with Wesfarmers’ quarterly update which was released to the market yesterday.
The highlight of a solid quarter was the impressive 8.9% increase in quarterly sales from its Bunnings ANZ business compared to the prior corresponding period.
Close behind was its Officeworks business which delivered quarterly sales growth of 7.2% and its Department Store segment which saw sales rise 6.2% thanks to the strong performance of its Kmart business.
One broker that was impressed with the quarterly result was Credit Suisse.
In response to its update the broker retained its outperform rating and lifted the price target on its shares to $45.20.
This appears to be the broker’s preferred option in the space. It currently has a neutral rating on Woolworths Group Ltd (ASX: WOW) shares and an underperform rating on Metcash Limited (ASX: MTS) shares.
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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia owns shares of and has recommended Wesfarmers Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.