Walmart (WMT) PT Lowered to $107 at Bernstein Amid Macro Uncertainties

Bernstein SocGen Group analyst Zhihan Ma lowered the price target on Walmart (NYSE: WMT) to $107.00 (from $113.00) while maintaining an Outperform rating.

The analyst commented: "Showcasing omni-channel capabilities and e-commerce profitability amid macro uncertainties; Walmart hosted its investor meeting on April 8-9 in Dallas, Texas, to showcase its omnichannel capabilities, discuss near-term trends, and share long-term goals. What changed? We are encouraged that WMT maintained its FY26 guide, which was initially viewed as conservative. However, the company now expects a wide range of outcomes for Q1 EBIT, likely below its previous guidance of 0.5-2.0% cc growth, given headwinds from unfavorable category mix, price investments, and casualty claims (~$200M). Noting that WMT is experienced in dealing with tariffs, management refused to “give up” on FY26 guidance as issued and identified levers for controlling the P&L. We now expect Q1 EBIT decline of -4%, FY top line growth of 4%, and EBIT growth of 7% (+120bps vs. consensus).

We rate Walmart Outperform with a target price of $107.00. We took down Q1 adj. op. income to account for $200M in casualty claims and lowered our Q5-Q8 EPS to $3.16. We adjusted our P/E multiple from 35.5x to 34.0x."

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