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On Monday, RBC Capital Markets adjusted its financial outlook for Walmart Inc. (NYSE:WMT), raising the retail giant’s price target from $102.00 to $103.00 while reaffirming an Outperform rating. The revision followed the firm’s participation in Walmart’s Annual Associates & Shareholders Week held in Northwest Arkansas.
During the event, Walmart management’s tone was reported to echo the sentiments from the first-quarter earnings call that took place in mid-May. RBC Capital’s analyst Steven Shemesh noted consistency in the company’s messaging and shared insights from five key data points gathered at the event.
The research firm updated its financial model for Walmart to reflect the current foreign exchange rates, though no other changes were made to the model. Looking ahead, RBC Capital predicts a continued increase in Walmart’s net sales, expecting a 4.3% rise for the year 2025 and a 5.0% increase for 2026. These projections slightly exceed the consensus estimates, which also forecast a 4.0% and 5.0% growth for the respective years.
In terms of adjusted earnings per share (EPS), RBC Capital’s forecasts are also marginally more optimistic than the consensus. The firm models an adjusted EPS of $2.64 for 2025 and $3.02 for 2026, compared to the consensus estimates of $2.60 and $2.92, respectively.
The price target increase to $103.00 is based on approximately 34 times the firm’s projected 2026 adjusted EPS of $3.02, up from the prior estimate of $3.01. This modest uptick in the price target reflects RBC Capital’s confidence in Walmart’s financial performance and growth trajectory over the next few years.
In other recent news, Walmart has been the focus of several analysts who have maintained or adjusted their ratings and price targets for the company. BMO Capital reaffirmed an Outperform rating with a $110 target, highlighting Walmart’s growth in fresh sales and the increasing use of expedited delivery services by customers. UBS also maintained a Buy rating with a $110 price target, noting Walmart’s strides in eCommerce and the integration of agentic AI as key factors driving market share gains. DA Davidson reiterated a Buy rating with a $117 target, emphasizing Walmart’s stock performance and strategic investments. Piper Sandler kept an Overweight rating with a $111 target, pointing to Walmart’s intensified advertising efforts and potential for increased online sales. KeyBanc raised its price target to $110 from $105, maintaining an Overweight rating and expressing confidence in Walmart’s ability to expand market share and operating profit. These developments reflect a consistent confidence among analysts in Walmart’s strategic direction and market position.
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