A worker walks past the Pharmacy in a Walmart store in Chicago.

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As coronavirus concerns rattle Wall Street, Walmart’s stock is going the other direction. Its share price rose about 2%.

The upward trend may indicate that Wall Street is betting on Walmart to benefit from shoppers’ stockpiling and remain steady, even in economic turbulence. The company’s stock was least affected during the last recession, according to a Cowen report. 

In trading Monday, Verizon and Walmart were the only components of the Dow Jones Industrial Average that were positive.

Walmart is among the retailers that have seen a surge of shopping as customers buy hand sanitizer, cleaning products, canned goods and more. Costco, for example, said in a Thursday earnings call that it was receiving deliveries daily to keep up with demand for water, paper towels, sanitizing wipes and other household items.

Walmart Chief Financial Officer Brett Biggs said at an investor conference in Boston last week that the retailer has seen a difference in shopping patterns. 

“We’re seeing, as you would expect, stock up with customers of certain items, but not tremendous changes in customer behavior,” he said. “Just week to week, we’ll have see how it transforms, and we’ll have to keep people safe and continue to run the business efficiently.”

In China, Biggs said Walmart saw an increase in online grocery shopping.

Walmart is one of three retail stocks that Cowen recommended during the pullback. In a report last week, the research firm said that Walmart, Costco and Planet Fitness stock performed well during previous recessions.

Walmart, in particular, it said is “one of the best positioned retailers with strong offensive and defensive characteristics.” It said the company “could see a material lift” in grocery and health and wellness because of customer’s caution about the coronavirus.

During the height of the 2008 and 2009 recession, Cowen said share prices were down an average of 31% among retailers. Walmart’s share price rose 2% during that period.

Walmart is the largest grocer in the U.S. Online grocery sales have been the engine of Walmart’s U.S. e-commerce business, as more customers use curbside pick-up and delivery. Its e-commerce sales — including items beyond grocery — were up 35% in the fiscal fourth quarter, but the business is still unprofitable.

Walmart is the only one of Cowen’s recommended stocks that was up Monday. 

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