Walmart Inc: What’s new in Bentonville: Meetings reinforce focus on value

Research evidence excerpt

Walmart Inc: What’s new in Bentonville: Meetings reinforce focus on value

Accessible version

Walmart Inc

What’s new in Bentonville: Meetings

reinforce focus on value

Maintain Rating: BUY | PO: 144.00 USD | Price: 118.88 USD

Remaining on offense 07 June 2026

We attended Walmart’s Annual Associates & Shareholders Week in Bentonville, Arkansas Equity

and spent time with senior leadership across the firm. Following our meetings, we

Christopher Nardone

remain convinced that the current backdrop consisting of strength from the upper Research Analyst

income consumer and some caution from the value-seeking consumer is conducive for BofAS +1 646 743 2016

Walmart to accelerate share gains by leading with price and speed. We maintain our Buy christopher.nardone@bofa.com

rating and see a potential return to a beat/raise cycle starting next quarter. See our Madeline Cech

report here highlighting four key reasons we are defending stock on the pullback. Research Analyst BofAS

+1 646 855 5219

Investing in price: aided by digital strength madeline.cech@bofa.com

The theme of price investments has gained steam across the industry. We expect WMT

will remain proactive and continue investing in price; this was exemplified in 1Q when

rollbacks were +20% (and WMT US GM expanded). WMT has significant competitive Stock Data

advantages to invest and gain share due to 1) its ability to tap into high growth, margin

Price 118.88 USD

rich businesses like advertising and membership to help fund pricing investments, and 2)

Price Objective 144.00 USD

having best-in-class delivery speeds. WMT recently rolled out 30 min or less delivery in

Date Established 21-May-2026

33 markets; WMT is already delivering 26% of Express Deliveries in that timeframe.

Investment Opinion B-1-7