Why this broker thinks the Wesfarmers (ASX:WES) share price can go higher

It has been an extraordinary year for the Wesfarmers Ltd (ASX: WES) share price after it hit a record, all-time high of $51.64 this week. This brings its year-to-date returns to over 23%, with a dividend yield of approximately 3%. While the Wesfarmers share price might be sitting at record all-time highs, this broker thinks it can push higher. 

Broker raises Wesfarmers share price target 

Credit Suisse Group has this week raised its price target for Wesfarmers shares from $51.59 to $55.83 while retaining its outperform rating. The broker believes the Officeworks business stands to benefit from the work from home trend continuing and feels Bunnings also remains in a solid position. 

Economic data to support retail spending 

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