Walmart (WMT) PT Lowered to $114 at Truist Securities

Truist Securities analyst Scot Ciccarelli lowered the price target on Walmart (NASDAQ: WMT) to $114.00 (from $140.00) while maintaining a Buy rating.

The analyst commented: "“Core” WMT sales remain solid; 2Q US comps of +2.6% (vs. our 4.0%E) were below our forecast, but heavily impacted (125bps) by contraction in their health and wellness segment (due to max fair price regulation for drugs). On the flip side, the co received $2.9b of tariff refunds and redeployed all but $600mm in 2Q in lower prices (11k rollbacks vs. 5k-6k normalized pace). While this wasn’t the beat/raise qtr we have become accustomed to from WMT, the co continues to gain shr, is further widening price gaps and rapidly growing their higher-margin alt rev streams (advertising +38%, membership +17%, Marketplace +52%). With the reset bar, we are buyers of WMT; PT to $114 from $140."

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