Wal-Mart Stores (WMT), the world's No. 1 retailer, is a core holding in institutional investors' portfolios. Yet it has had a ho-hum year despite the recent rally. What's going on?rnAs the market rebounded, banking on a potential recovery, investors "switched from defensive names like Wal- Mart to more discre -tionary names like Target," says Karl Mills, president of Jurika Mills & Keifer Investment Partners. Result: Since Mar. 6, Wal-Mart has been flat, at 48.37 a share, while the Standard & Poor's 500 - stock index gained 34%, and Target shot up 57%. Wal-Mart is now "very cheap," says Mills, near its 52-week low, at 13 times 2010 estimated earnings.
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