What Analysts Think of Walmart Stock Ahead of Earnings

Walmart (WMT) is set to report results for the first quarter of its 2026 fiscal year early Thursday, with analysts bullish on the retail giant they see as a potential winner from continued tariff uncertainty.

All 19 analysts who follow the company and are tracked by Visible Alpha currently call Walmart stock a “buy,” compared with 20 “buy” and one “hold” ratings ahead of the previous quarterly report. The stock has an average price target of $110.79, more than 14 % above Friday’s closer and higher than its record close of $105.05 on Feb. 13.

Walmart is expected to report a nearly 3% bump in revenue to $165.96 billion for the first quarter, while adjusted earnings per share are expected to drop by 2 cents from the same quarter a year ago to 58 cents.

Analysts Expect Solid Q1, Uncertainty Around Full-Year Outlook

Analysts from Morgan Stanley and Oppenheimer kept their respective “buy”-equivalent ratings in notes previewing Walmart’s report. Oppenheimer analysts lifted their price target to $110 from $100 and Morgan Stanley held firm at $115.

Oppenheimer Wednesday said it would “again be positioned to take advantage of weakness on the upcoming print vs. playing for a positive catalyst,” as the stock’s outperformance of the broader market so far this year and a potentially “subdued” first-quarter report could drive shares lower in the immediate aftermath.

Morgan Stanley analysts said Tuesday that amid tariff uncertainty Walmart is “among the best positioned in our coverage universe to navigate through these challenges, given its scale, supply chain advantages, category mix and price gaps.” They expect Walmart to widen its full-year outlook ranges.

The retailer maintained its expectation of 3% to 4% sales growth for the first quarter last month, but said its “range of outcomes” for operating income growth has widened for a number of reasons. Walmart topped estimates for the prior quarter, but its below-estimates forecasts sent shares lower.