KeyBanc raised its price target on Walmart (NYSE:WMT) to $110 from $105 while reaffirming an Overweight rating, following its attendance at the retailer’s annual meeting in Bentonville, Arkansas.

The firm expressed growing confidence in Walmart’s ability to expand market share over the coming years, driven by accelerating e-commerce and advertising operations. Analysts were particularly encouraged by Walmart’s capacity to grow operating profit at a faster pace than revenue, pointing to strong long-term leverage potential.

Walmart’s digital segment was highlighted as a major engine of growth, described as having "flywheel" dynamics—where success in one area fuels momentum across others. Although potential headwinds from consumer pressure related to incoming tariffs remain, KeyBanc views Walmart as one of the most resilient players in retail, well-positioned to weather macroeconomic volatility.