Walmart Price Target Hikes Temper Enthusiasm as Analyst Shifts Top Pick

Walmart Inc. (NYSE: WMT) has seen a flurry of analyst activity as firms adjust their outlooks for the retail giant heading into 2026. While several have raised their price targets, reflecting confidence in Walmart’s performance, one key analyst has removed the stock from its top picks list, signaling a potential shift in market sentiment.

Walmart Price Targets

As of late trading on January 5, 2026, Walmart shares are trading at $112.76, up a modest 0.01% or $1.34 from the previous close. This relatively muted market reaction follows a series of price target increases from major firms, suggesting that the positive news may already be priced into the stock.

Mizuho analyst David Bellinger increased the firm’s price target on Walmart to $125 from $115, maintaining an “Outperform” rating. This adjustment is part of Mizuho’s broader 2026 outlook for the retail sector, which acknowledges “signs of strained consumer sentiment, although the key underpinnings of spending are still very much intact.” However, in a noteworthy move, Mizuho replaced Walmart with Chewy (CHWY) as its top pick, along with Lowe’s (LOW) and O’Reilly (ORLY).

Bernstein also raised its price target on Walmart to $129 from $122, reiterating its “Outperform” rating. Bernstein anticipates that middle- to high-income consumers will be better positioned in 2026, while acknowledging that lower-income consumers are facing pressure from inflation and a softening labor market. The firm expects tax refunds from the OBBBA to disproportionately benefit higher-income households, potentially boosting Walmart’s sales in that segment.

Other recent analyst actions include: BMO Capital raising its price target to $125, citing Walmart’s “high level of strength and consistency” and successful omni-channel transformation; BofA Securities increasing its target to $125 based on “increased confidence on WMT’s strong top and bottom line”; DA Davidson setting a $130 target, noting Walmart’s success in attracting higher-income households; RBC Capital raising its target to $123, expecting market share gains and EPS growth; Truist Securities increasing its target to $127, citing strong performance across all segments; TD Cowen raising its target to $120, expecting a third-quarter beat; and Guggenheim raising its target to $120, highlighting Walmart’s “immense TAM, unmatched scale and capabilities, and accelerating pursuit of innovation.” Bernstein also reiterated its “Outperform” rating with a $117 price target, focusing on e-commerce profitability and retail media expansion.

The consensus among analysts appears to be positive regarding Walmart’s underlying business and strategic direction. However, Mizuho’s decision to remove Walmart from its top picks list introduces a note of caution, suggesting that other companies may offer more compelling growth opportunities in the current environment. The market’s subdued reaction to the price target increases further underscores the possibility that Walmart’s current valuation already reflects much of the anticipated positive news.

WMT Analyst Summary