Walmart Growth Prospects Remain Solid But Tariff Uncertainty Lingers, Analysts Say

Shares of Walmart Inc WMT were climbing in early trading on Friday, despite the company Thursday reporting mixed first-quarter results.

The announcement came amid an exciting earnings season. Here are some key analyst takeaways.

BofA Securities On Walmart

Analyst Robert Ohmes maintained a Buy rating and price target of $120.

Walmart reported strong quarterly results, with adjusted earnings of 61 cents per share and US comps of 4.5%, Ohmes said in a note. The company's global advertising revenue growth accelerated to 50% year-on-year in the quarter, he added.

Management reiterated their fiscal 2026 guidance, projecting net sales growth of 3.5%-4.5%, the analyst stated. They did not provide earnings guidance given the "dynamic backdrop," he further wrote.

RBC Capital Markets On Walmart

Analyst Steven Shemesh maintained an Outperform rating and price target of $102.

Walmart's comps improved throughout the quarter and so far in May, Shemesh said. The company's net sales grew by 4.0%, led by US comps of 4.5%, Sam’s Club comps of 6.7% and Walmart international's net sales growth of 7.8%, he added.

The company's fiscal second-quarter guidance of net sales growth of 3.5%-4.5% "implies a notable slowdown from the +4.85% underlying," the analyst stated. "We continue to believe WMT is among the best positioned in our coverage to mitigate the impact of tariffs," he further wrote.

Check out other analyst stock ratings.

Goldman Sachs On Walmart

Analyst Kate McShane maintained a Buy rating and price target of $101.

Walmart's US same-store sales growth of 4.5% came in better than consensus of 3.9%, driven by a 1.6% increase in traffic and average ticket growth of 2.8%, McShane said. The company's enterprise gross margins expanded by 12 basis points year-on-year to 24.3%, she added.

Walmart's stock came under pressure as management did not provide any earnings guidance for the fiscal second quarter due to the dynamic macro backdrop as a result of tariffs, the analyst stated. "We believe WMT is well positioned to continue driving solid earnings growth in 2025, supported by market share gains given its compelling proposition for value and convenience," she further wrote.

JPMorgan On Walmart

Analyst Christopher Horvers reiterated an Overweight rating and price target of $112.

Walmart's quarterly results were strong, with earnings of 61 cents per share, which came in 5% higher than consensus, Horvers said. The results were driven by "a better-than-expected US comp, SG&A upside, and $0.01 from tax," he added.

While management reiterated their full-year guidance, they said this assumed China tariffs will remain at 30%, the analyst stated. In case China's tariff rates return to 145%, "it would be challenging to grow earnings in that scenario," he further wrote.

WMT Price Action: Shares of Walmart had risen by 2.42% to $98.75 at the time of publication on Friday.

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