What a Big Walmart Bull Expects From the Retail Giant’s Earnings

Walmart’s (WMT) same-store sales growth may be more muted than expected when the retail giant reports quarterly results in a few days, Bank of America said, but its e-commerce growth will likely outpace projections.

The bank’s research team is particularly bullish on the big box store long-term, and more optimistic than others about the numbers it will hand in Thursday. Bank of America gives the company’s stock a price target of $120—the highest such target publicly shared on Visible Alpha, as of Monday. (Its enthusiasm is matched by that of Citi analysts. The mean is around $111.)

Bank of America on Friday estimated that Walmart will report a 3% year-over-year rise in same-store sales, several tenths of a percentage point less than the current consensus per Visible Alpha. But the research team envisions Walmart beating consensus estimates for its U.S. e-commerce business. Analysts forecast 18% growth year-over-year, compared to the 16% consensus estimate, the note said.

The stock’s valuation “is high but warranted,” the analysts said. “We affirm ‘buy’ on [Walmart] as share gains continue across product categories & incomes.” Walmart shares have gained nearly 60% in the past year.

Bank of America expects Walmart to report $166 billion in revenue and $0.59 in adjusted earnings per share for the first quarter of 2026. Both figures were slightly above the latest consensus estimates.