Walmart price target raised to $129 from $122 at Bernstein

Bernstein raised the firm’s price target on Walmart (WMT) to $129 from $122 and keeps an Outperform rating on the shares. From a macro perspective, the firm expects middle to high income consumers to be better positioned in 2026. Elevated inflation and a softening labor market has weighed on the real spending power of lower income consumers. Meanwhile, incremental tax refunds from the OBBBA are expected to disproportionately benefit middle to high income cohorts, Bernstein adds.