Walmart Draws Fresh Upgrades After Q3 Beat as E‑Commerce, Ads Lift Outlook

Overview

• Walmart posted 4.5% U.S. comparable sales growth excluding fuel, Sam’s Club rose 3.8%, and international sales increased 11% in constant currency.
• Shares jumped more than 6% on the report, making it the S&P 500’s top performer that day, though Jim Cramer noted a roughly 40× earnings multiple.
• DA Davidson raised its price target to $130 and Truist lifted theirs to $119, citing margin strength and fast-growing alternative revenue streams.
• Advertising revenue was highlighted as a standout, increasing 53% overall and 33% in the U.S., with analysts also pointing to ongoing e-commerce momentum.
• DA Davidson said Walmart is gaining higher-income shoppers even as lower-income spending slows, and Cramer said the company plans a Nasdaq move and a CEO handoff in February.