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Wall Street Raises the Bar for Walmart After Strong Q3 Performance

MarketDash Editorial Team
16 days ago
Walmart crushed third-quarter expectations and lifted its full-year guidance, prompting a wave of analyst upgrades. Despite the optimism, shares dipped slightly as the retail giant also announced a surprise move from NYSE to Nasdaq in December.

Walmart Inc. (WMT) delivered a solid third-quarter performance that had Wall Street scrambling to update their models and raise price targets across the board.

The retail giant reported adjusted earnings per share of 62 cents for the quarter, beating analyst expectations of 60 cents. Revenue came in at $179.50 billion, representing 5.8% year-over-year growth and comfortably ahead of the $177.429 billion consensus estimate.

But here's where things get interesting. Walmart didn't just meet expectations and call it a day. The company boosted its fiscal 2026 adjusted EPS outlook to a range of $2.58 to $2.63, up from the previous guidance of $2.52 to $2.62. The new midpoint sits above the $2.61 analyst consensus, signaling management's confidence in the business momentum. The company also raised its constant-currency revenue growth forecast to 4.8%-5.1%, a meaningful jump from the prior 3.75%-4.75% range.

In a somewhat unexpected announcement, Walmart revealed it will be moving its stock listing from the New York Stock Exchange to the Nasdaq Global Select Market on December 9, 2025. The company will keep its familiar "WMT" ticker symbol, so don't worry about updating your watchlists too much. Walmart framed the switch as an alignment with Nasdaq's technology-driven and innovation-focused platform, which makes sense given the company's massive investments in e-commerce and digital infrastructure. As part of the transition, nine outstanding bonds will also transfer to Nasdaq.

Despite the upbeat results and raised guidance, Walmart shares slipped 1.8% to $105.25 on Friday. Sometimes even good news gets digested slowly by the market.

The Analyst Pile-On

Following the earnings announcement, a parade of Wall Street analysts raised their price targets on Walmart. Here's the full rundown:

BTIG analyst Robert Drbul maintained a Buy rating and lifted his target from $120 to $125. BMO Capital analyst Kelly Bania kept an Outperform rating while raising the target from $110 to $125. Telsey Advisory Group analyst Joseph Feldman maintained his Outperform rating and boosted the price target from $118 to $130.

Keybanc analyst Bradley B. Thomas stuck with an Overweight rating and raised his target from $110 to $120. Morgan Stanley analyst Simeon Gutman maintained an Overweight rating while increasing the target from $115 to $125. Baird analyst Peter Benedict kept an Outperform rating and lifted his target from $110 to $121.

Guggenheim analyst John Heinbockel maintained a Buy rating and raised the price target from $115 to $120. Evercore ISI Group analyst Greg Melich held his Outperform rating and boosted the target from $111 to $115. Wells Fargo analyst Edward Kelly maintained an Overweight rating while raising his target from $110 to $120.

Piper Sandler analyst Peter Keith reiterated an Overweight rating and increased the price target from $111 to $123. Bernstein analyst Zhihan Ma kept an Outperform rating and lifted the target from $118 to $122. Finally, DA Davidson analyst Michael Baker maintained a Buy rating and raised his target from $117 to $130, matching Telsey for the highest new price target in the group.

The consensus is clear: Wall Street likes what it sees from Walmart heading into the final stretch of the fiscal year.

Back to News

Wall Street Raises the Bar for Walmart After Strong Q3 Performance

MarketDash Editorial Team
16 days ago
Walmart crushed third-quarter expectations and lifted its full-year guidance, prompting a wave of analyst upgrades. Despite the optimism, shares dipped slightly as the retail giant also announced a surprise move from NYSE to Nasdaq in December.

Walmart Inc. (WMT) delivered a solid third-quarter performance that had Wall Street scrambling to update their models and raise price targets across the board.

The retail giant reported adjusted earnings per share of 62 cents for the quarter, beating analyst expectations of 60 cents. Revenue came in at $179.50 billion, representing 5.8% year-over-year growth and comfortably ahead of the $177.429 billion consensus estimate.

But here's where things get interesting. Walmart didn't just meet expectations and call it a day. The company boosted its fiscal 2026 adjusted EPS outlook to a range of $2.58 to $2.63, up from the previous guidance of $2.52 to $2.62. The new midpoint sits above the $2.61 analyst consensus, signaling management's confidence in the business momentum. The company also raised its constant-currency revenue growth forecast to 4.8%-5.1%, a meaningful jump from the prior 3.75%-4.75% range.

In a somewhat unexpected announcement, Walmart revealed it will be moving its stock listing from the New York Stock Exchange to the Nasdaq Global Select Market on December 9, 2025. The company will keep its familiar "WMT" ticker symbol, so don't worry about updating your watchlists too much. Walmart framed the switch as an alignment with Nasdaq's technology-driven and innovation-focused platform, which makes sense given the company's massive investments in e-commerce and digital infrastructure. As part of the transition, nine outstanding bonds will also transfer to Nasdaq.

Despite the upbeat results and raised guidance, Walmart shares slipped 1.8% to $105.25 on Friday. Sometimes even good news gets digested slowly by the market.

The Analyst Pile-On

Following the earnings announcement, a parade of Wall Street analysts raised their price targets on Walmart. Here's the full rundown:

BTIG analyst Robert Drbul maintained a Buy rating and lifted his target from $120 to $125. BMO Capital analyst Kelly Bania kept an Outperform rating while raising the target from $110 to $125. Telsey Advisory Group analyst Joseph Feldman maintained his Outperform rating and boosted the price target from $118 to $130.

Keybanc analyst Bradley B. Thomas stuck with an Overweight rating and raised his target from $110 to $120. Morgan Stanley analyst Simeon Gutman maintained an Overweight rating while increasing the target from $115 to $125. Baird analyst Peter Benedict kept an Outperform rating and lifted his target from $110 to $121.

Guggenheim analyst John Heinbockel maintained a Buy rating and raised the price target from $115 to $120. Evercore ISI Group analyst Greg Melich held his Outperform rating and boosted the target from $111 to $115. Wells Fargo analyst Edward Kelly maintained an Overweight rating while raising his target from $110 to $120.

Piper Sandler analyst Peter Keith reiterated an Overweight rating and increased the price target from $111 to $123. Bernstein analyst Zhihan Ma kept an Outperform rating and lifted the target from $118 to $122. Finally, DA Davidson analyst Michael Baker maintained a Buy rating and raised his target from $117 to $130, matching Telsey for the highest new price target in the group.

The consensus is clear: Wall Street likes what it sees from Walmart heading into the final stretch of the fiscal year.