Walmart’s initial 2026 may be below consensus, says DA Davidson

DA Davidson keeps a Buy rating and $135 price target on Walmart (WMT) ahead of the company’s Q4 earnings call tomorrow – the first under CEO John Furner. Most expect the message to be “business as usual” – continued market share gains, comps in the 4%-5% range, and continued margin expansion driven by strength in Walmart’s “Triple A” investment initiatives around Alternative business, AI/Agentic commerce, and Automation, the analyst tells investors in a research note. 2026 guidance may be below consensus, but that’s not overly concerning as the company tends to beat the original plans, the firm adds.