Oppenheimer raised its price target for Walmart (NASDAQ:WMT) to $140.00 from $125.00 and reiterated an Outperform rating, citing expectations for a robust holiday shopping period and sustained revenue momentum across the company's operations. At the time of the revision the stock was changing hands around $131.18, near its 52-week high of $131.70.
The research note highlighted a mix of drivers behind the adjustment - stronger-than-expected seasonal demand, enterprise-level top-line momentum and potential modest benefits from favorable weather patterns heading into the fourth quarter. Oppenheimer reported that Walmart has delivered notable recent share-price gains, with a 27.02% return over the past six months and a 17.75% year-to-date return according to InvestingPro data.
Walmart is scheduled to report fourth-quarter results on February 19, 2026. Ahead of that release Oppenheimer said it has lifted its Q4 earnings-per-share forecast toward the high end of the company’s provided guidance range.
Looking further out, Oppenheimer set expectations for fiscal 2026, which ends in January 2027. The firm anticipates management will guide in line with Walmart's internal algorithm - approximately 4% sales growth and 4-8% operating income growth for the fiscal year. Oppenheimer noted that this outlook sits below the Street's current expectation of 11.3% operating growth.
While Oppenheimer reiterated that Walmart remains a top pick, the firm also warned investors to remember that the shares experienced a 6.5% decline on a comparable fourth-quarter positioning last February, indicating potential volatility around earnings-related setups.
Operational and workforce developments were also cited in recent company updates. Walmart opened a new Supercenter in Jacksonville, Florida, creating 400 jobs in the Oakleaf community; the store opening is part of a broader plan to build or convert more than 150 locations in coming years. In addition, Walmart promoted 3,000 pharmacy technician positions to operations team lead roles and raised average hourly wages for those roles from $22 to $28 as part of an expansion in digital and pharmacy healthcare services.
Several other analysts have adjusted their views and targets amid these developments. Jefferies maintained a Buy rating with a $132 price target, referencing the retailer's standing after a competitor's pricing moves in snacks. Piper Sandler raised its target to $130, pointing to apparel strength and competitive pricing. Tigress Financial increased its target to $135 and attributed the change to Walmart’s investments in artificial intelligence and technology-driven scale. These moves reflect differing analyst emphasis on pricing, assortment and technology investments across the business.
As the company approaches its next quarterly report, investors will weigh Oppenheimer's upgraded target and EPS revisions against management guidance, consensus expectations for operating income growth and historical stock sensitivity around earnings events.