Analysts at RBC Capital provided their outlook on Walmart Inc. (NYSE:WMT) ahead of the company’s Q4 results, stating they don’t expect too many surprises.

The analysts see modest upside to the consensus of 6% Walmart U.S. comp growth and EPS of $1.49. That said, with rising costs and mounting concerns over the financial health of the U.S. consumer, the analysts suspect stock performance will likely come down to the forward guide. The analysts ultimately think Q4 will be fine, but recognize an increasingly uncertain outlook could give investors some pause.

The company has elected to eat a portion of supplier price increases to maintain low prices for its consumers. Given that Walmart is most suppliers' largest customer, the analysts believe it is uniquely positioned to offset gross margin pressure in other ways. For example, increasing supplier media spend requirements, lower promotional activity and more of a focus on mix management as further cost offsets. The analysts expect there may be some margin choppiness over the next few quarters, but feel the company is fairly well positioned relative to the rest of the space.