Walmart could be a steady winner even if the macroeconomic backdrop worsens, according to Wells Fargo. The firm reiterated an overweight rating on the retail stock on Tuesday, alongside a $108 per share price target. Wells Fargo’s forecast implies more than 8% upside from Monday’s close. Analyst Edward Kelly noted that Walmart is “well positioned to play offence and defense” in this environment. “WMT is poised to capitalize on tariff disruption and accelerate share gains,” Kelly wrote. “It has the balance sheet to keep flowing inventory and make sourcing adjustments, securing capacity outside of China likely comes at expense of competitors, a portfolio approach to pricing means WMT could raise less on tariff items than others, and a broad offering allows it to capitalize on substitution. WMT is not immune, but appears to be much better positioned than most.” Kelly’s comments come as investors wade through uncertainty caused by steep U.S. levies on imported goods, which have sparked volatility across global markets. His remarks were also made ahead of Walmart’s quarterly report due out next week. “WMT looks set to deliver a solid print against a choppy backdrop. Continued macro uncertainty, a value focused consumer, and self-help should drive further share gains; a solid Easter should also help,” Kelly said. WMT YTD mountain Walmart stock in 2025. The analyst added that Wall Street’s consensus earnings per share estimate is achievable for Walmart, and said he will be focused on how the company says tariffs might affect its full-year outlook. “We expect to hear a similar message to what WMT delivered at its investor day … it’s too early to give up on FY guidance (mid-point $2.55 EPS),” Kelly said. “WMT typically guides with room to beat, and a softer macro and tariff uncertainty is certainly stealing from the upside at a minimum.
