Wal-Mart has had a difficult time on the media front lately. But while the social costs of its success are the stuff of controversy, putting a financial price tag on it is becoming easier. Or so conventional wisdom among Wall Street analysts has it. Despite the spike of the past few weeks, the shares are now trading at just 16.5 times earnings for the next fiscal year, hardly outrageous by sector standards.

On the face of it, the world’s largest retailer has grown into its valuation. It may still lack a catalyst, obviously remains exposed to the pinch on consumer budgets from oil prices and will need to catch up with faster-growing rivals such as Target in lucrative clothing. But, the bulls argue, its risk/reward profile is starting to look tempting.