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Bank of America has reaffirmed its bullish outlook on Walmart Inc. (NYSE:WMT), maintaining a “Buy” rating with a $120 price target. The bank cited Walmart’s robust value proposition, accelerating e-commerce momentum, and improving profit drivers as key reasons for its optimism.
Walmart continues to dominate in convenience, with same-day delivery now available to 76% of U.S. households, a figure expected to reach 95% by the end of the year. E-commerce remains a major growth engine, increasing at over 20% annually and accounting for half of Walmart’s overall sales growth. Innovations such as AI-driven assistant "Sparky" and drone delivery services are helping fuel this expansion.
International operations are also thriving. Sam’s Club in China has reduced delivery times to just 46 minutes, while Indian subsidiary Flipkart recently achieved a record-breaking 3-minute delivery window.
Analysts expect margin expansion to continue, driven by high-margin segments like digital advertising and third-party marketplace activity. Walmart’s recent wage investments and its push into automation and digital infrastructure are also strengthening its long-term position.
BofA's $120 target price is based on a 41x multiple of its FY27 EPS estimate of $2.90. The premium valuation reflects Walmart’s consistent positive comps, omni-channel growth, and strong free cash flow generation. Despite potential risks from pharmacy-related challenges and food price deflation, the bank views Walmart’s scale, logistics network, and technology investments as sustainable competitive advantages.
With its strategic focus on digital transformation and global logistics efficiency, Walmart remains well-positioned to deliver both top-line and bottom-line growth.
