Walmart Inc: 1Q preview: Times like this is why you own the stock

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Walmart Inc: 1Q preview: Times like this is why you own the stock

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Walmart Inc

1Q preview: Times like this is why you own

the stock

Maintain Rating: BUY | PO: 150.00 USD | Price: 131.47 USD

1Q results should be solid; value proposition will shine 15 May 2026

We maintain our Buy rating and $150 PO; we think sales growth consistency will get Equity

rewarded and an acceleration in digital profit margins will lead to further EPS revisions

over the next 12 months. We are forecasting 1Q EPS of $0.65; our forecast includes

Key ChangesWalmart US comps of 4.5% (we think investor expectations based on our conversations

range between 4-4.5%). We expect the core Walmart consumer will prove resilient and (US$) Previous Current

think a prolonged period of macro volatility and higher gas prices can accelerate share 2027E Rev (m) 752,559.6 752,296.5

gains as consumers hunt for value. 2028E Rev (m) 793,533.5 792,515.8

2029E Rev (m) 837,094.2 836,043.1

2029E EPS 3.54 3.53Outlook: poised to outperform, but conservatism likely

Given the ongoing War and elevated gas prices we expect management will maintain a

cautiously optimistic posture when discussing the outlook for the remainder of the year. Christopher Nardone

Research Analyst

Management has a track record of guiding conservatively to start the year (see Exhibit 1 BofAS

which shows WMT maintained its original FY EPS guidance in two of the last three years +1 646 743 2016 christopher.nardone@bofa.com

post 1Q results). If WMT delivers upside to our $0.65 est (guide $0.63-0.65), we don’t Madeline Cech

see why this time would be different and expect guidance will remain unchanged. Research Analyst

BofAS

Membership messaging should be encouraging +1madeline.cech@bofa.com646 855 5219