Don't Stop Believin'

Research evidence excerpt

Don't Stop Believin'

June 8, 2026 Walmart Inc.

(WMT, Buy, $145 PT)

Robert Drbul

Don't Stop Believin' (332) 400-5186 rdrbul@btig.comCONSUMER Jake Katsikas WHAT YOU SHOULD KNOW: (212) 738-6162 jkatsikas@btig.com

■ Last week, we attended the Walmart Associates and Shareholders Meeting in Company Data

Fayetteville, Arkansas. We continue to believe Walmart is very well-positioned in

Closing Price $117.74RETAIL this environment. We believe the management succession plan has been executed

seamlessly, as expected, and new CEO John Furner and his team have Walmart well- Price Target $145.00

positioned to continue to lead the retail industry into the next chapter. Walmart Market Cap (M) $941,802.26

continues to work to provide value to its customers with 7,200 rollbacks in 1Q, 20% Enterprise Value (M) $1,067,000.00

more than LY. Management feels great about its price positioning. Shares Out (M) 7,999.00EQUITY

■ Regarding tariff refunds, Walmart has filed for refunds of about 1/2 percent of LY Avg Daily Vol-3 Months (M) 20.21

sales, or ~$3 billion in sales. However, nothing has been factored in. As the money Dividend / Yield $0.99 / 0.8%

comes in, the company will lower prices to customers, once there is certainty. Revisions

■ Walmart continues to focus on its private brands, including its Great Value brand Previous Current

and its Better Goods brand. The company will be relaunching its Great Value Rating Buy BuyRESEARCH

branding this year and continues to focus on its expansion of the Better Goods Price Target $145.00 $145.00

brand product offering. Over the last year, the company has expanded the Better

Goods product offering from 180 SKUs to ~500. The company has developed FY27E EPS 2.85 2.85

different options for customers, both in healthier options or fun options.