Walmart's Strategic Leadership Transition and AI Focus Reinforce Buy RatingWe believe John Furner’s experience aligns with other WMT leaders in the past with his 30 year history in a variety of leadership roles (including the VP of global sourcing, general merchandise manager, head of marketing and merchandising for Walmart China based in Shenzhen, and chief merchant for and WMT has done a great job of engaging the investor community with the management team over the years, including John Furner. Investors may be surprised with the sudden, unexpected retirement of the quarter. Additionally, Doug has been a very eff ective leader, and it seems like the company is on the brink of navigating the next frontier with AI. Valuation & Risks We are Buy rated (on CL) on WMT with a 12-month price target of $114, based on a risk-reward framework with downside/base/upside relative P/E multiples of 150%/155%/160%.