Truist Securities on Wednesday reiterated a Buy rating for Walmart Inc. (NYSE:WMT) and preserved its $127.00 price target. At the time of the note the stock was trading at $128.85, placing market capitalization at approximately $1.03 trillion.
The note relied in part on Truist card-payment data, which the firm said points to an in-line quarter. Specifically, Truist’s data showed U.S. comparable sales for the fourth quarter rose in line with its forecast of a 4.5% increase. That figure sits alongside Walmart’s reported revenue growth of 4.34% over the past twelve months.
Truist highlighted a pronounced spending differential across customer cohorts. Spending among cardholders in the top quartile outpaced other customer groups over the prior six months, and that strength was particularly notable in the fourth quarter. The firm interpreted those patterns as evidence that Walmart’s expanded convenience and e-commerce offerings are drawing higher-income consumers to the chain.
Truist pointed to the customer mix shift and sales momentum as contributors to Walmart’s recent stock performance, which the firm noted has produced a 28.22% price return over the past six months.
Looking forward, Truist said it expects Walmart to continue signaling persistent consumer trends through 2026 and to guide toward sales growth in the range of roughly 3% to 4%. The firm maintained its Buy view based on Walmart’s continued market share gains and its characterization of the company as a meaningful real asset play within retail.
Data from InvestingPro was cited to underline Walmart’s standing in the Consumer Staples Distribution & Retail category; that data also shows Walmart trading at a relatively high price-to-earnings ratio of 45.05. Truist added that its own financial model and valuation for Walmart are under review.
The note arrives on the eve of Walmart’s scheduled fourth-quarter earnings release, noted for investors as occurring tomorrow, February 19th. According to InvestingPro, analyst consensus remains strongly bullish, with multiple analysts recently raising earnings estimates for the upcoming period.
Other broker commentary has echoed bullish sentiment. Piper Sandler reiterated an Overweight rating and forecasted comparable sales growth of 5.0%, above the Street’s 4.3% estimate. UBS preserved a Buy rating with a $135 price target. RBC Capital lifted its price target to $140 while keeping an Outperform rating and cited an estimated earnings per share of $3.33 for 2027. BTIG also raised its price target to $140 and projected fourth-quarter earnings per share of $0.72. These revisions and reiterated ratings reflect a broadly positive stance among sell-side analysts heading into the print.
Within the broader retail coverage landscape, Barclays maintained an Equalweight rating for Kroger, while noting the appointment of Greg Foran as CEO as a positive development for that company.
Context and implications
Truist’s conclusion rests on transactional card data that signals stronger relative spending by higher-income customers at Walmart and an in-line comparable sales result for the fourth quarter. The firm’s outlook assumes continued market share gains and a return profile tied in part to Walmart’s sizeable physical footprint and investment characteristics.
What to watch next
Investors will be watching Walmart’s earnings release tomorrow, February 19th, for confirmation of comparable sales trends and management’s sales guidance through 2026. Separately, Truist’s ongoing review of its financial model and valuation could lead to adjustments in its published estimates or target should the firm rewrite its assumptions.