Walmart Inc Pullback a Buying Opportunity; Maintain Overweight; Adding to Analyst Focus List

研报英文原文证据摘录

Walmart Inc Pullback a Buying Opportunity; Maintain Overweight; Adding to Analyst Focus List

J P M O R G A N North America Equity Research

22 May 2026

Walmart Inc Overweight

WMT, WMT US

Pullback a Buying Opportunity; Maintain Overweight; Price (21 May 26):$121.34

Adding to Analyst Focus List Price Target (Dec-26):$137.00

Retailing – Broadlines & Hardlines /

Leisure

Christopher Horvers, CFA AC

(1-212) 622-1316

christopher.horvers@jpmorgan.com

PM’s take: negative reaction shows the need for revisions to drive upside/hold Christian Carlino, CFA

valuation; but, the core tenets of the bullcase are there and we see the pullback (1-212) 622-9145

christian.carlino@jpmorgan.com

as a buying opportunity; adding to Analyst Focus List as a Growth idea. The

Jolie Wasserman

WMT story has been mostly driven by re-rating over the past few years

(1-212) 622-1961

accompanied by improving EPS growth. As the multiple expanded, so did the need jolie.wasserman@jpmchase.com

for revisions, but strong topline results ran into a wall last year on tariff and J.P. Morgan Securities LLC

insurance costs. In 1Q, despite strong sales and the flywheel of the US marketplace

accelerating (sales up nearly 50% plus US advertising up 44%), the 6% enterprise

op margin (vs. 4.3% last year) and $4.20 EPS long-term bull case ran into energy Quarterly Forecasts (FYE Jan)

cost headwinds that deflated op income growth to 7.6% from ~10% (with the Adj. EPS ($)

2025A 2026E 2027E

company shaving a similar amount from its embedded 2Q guide). Indeed, the Q1 0.61 0.66A

reaction yesterday points to the need for positive revisions after a year of the bull Q2 0.68 0.76

case being tested, alongside concerns on the low end consumer. Looking ahead, Q3 0.63 0.73

Q4 0.74 0.87