Walmart Stock Today (WMT): Premarket Holds Near $113 as BMO Reaffirms $125 Target After Fed Rate Cut

Published: December 11, 2025 – around 6:00 a.m. ET

Walmart stock premarket on December 11, 2025

Walmart Inc. (NASDAQ: WMT) is starting Thursday’s session quietly after a volatile Fed day.

Wednesday close: Walmart finished December 10 at $113.18, down 1.63% on the day, after trading between $112.99 and $116.23. ^[1]
Premarket today: As of roughly 5:48–5:56 a.m. ET, premarket indications show Walmart changing hands around $113.13–$113.20, essentially flat versus yesterday’s close, in very light volume. ^[2]
52‑week range & performance: Over the last year, WMT has traded in a range of roughly $80 to $116 and delivered about 20% share price appreciation, placing it near the top of its 12‑month band. ^[3]

With U.S. markets set to open after a Fed rate cut and a fresh analyst call, the stock is effectively in “wait-and-see” mode ahead of the regular session.

Fresh catalysts for WMT this morning

BMO Capital reiterates Outperform with a $125 price target

Ahead of the bell, BMO Capital Markets reiterated its Outperform rating on Walmart and $125 price target, in a note published early this morning (around 4:50–5:45 a.m. ET). ^[4]

That target implies high-single-digit upside from the current ~$113 level.
The call keeps Walmart firmly in “buy‑rated” territory at BMO, reinforcing the broader Street view that the retailer is well positioned through the 2025 holiday season and into fiscal 2026.

This BMO note lands on top of an already bullish analyst backdrop:

TD Cowen’s Oliver Chen recently raised his Walmart target from $125 to $136 and kept a Buy rating, calling Walmart one of the firm’s “best ideas for 2026” thanks to its “people‑enabled phygital, grocery tech nexus” and expanding use of AI. ^[5]
A compilation from StockAnalysis shows 30 analysts covering WMT with a “Strong Buy” consensus and an average 12‑month price target of $118.33, implying about 4.6% upside from yesterday’s close, with targets ranging from $91 to $130. ^[6]

Institutional moves and political buying

New filings and disclosures out this morning add more color on who is trading Walmart:

CIBC Asset Management trimmed its Walmart position by 6.6% in Q2, selling about 57,500 shares and taking its holding to 814,843 shares (roughly $79.7 million at the time of filing). ^[7]
Dearborn Partners LLC moved the other way, lifting its stake by 6.2% to 423,429 shares. Walmart now makes up about 2% of Dearborn’s portfolio and is its 7th‑largest holding, signalling conviction from that long‑term manager. ^[8]
On the political side, a MarketBeat summary notes that Rep. Richard McCormick (R‑Georgia) disclosed a personal Walmart purchase between $1,001 and $15,000 on November 5, reported in a filing made public this week. ^[9]

None of these flows is large enough to move a ~$900 billion company on its own, but together they illustrate continued institutional and insider‑adjacent interest around the name.

Macro backdrop: Fed rate cut and a cautious risk‑on mood

Walmart’s premarket tone can’t be separated from what the Federal Reserve did yesterday.

On December 10, 2025, the Fed:

Cut its benchmark federal funds rate by 0.25 percentage points to a range of 3.50%–3.75%, the third consecutive cut this year. ^[10]
Signaled a likely pause, with policymakers penciling in only one more cut in 2026, and a deeply divided FOMC vote. ^[11]

Lower short‑term rates can be a mild tailwind for defensive growth stocks like Walmart:

Discount rates in valuation models fall, which tends to support higher multiples for steady earners.
Cheaper credit can help both consumers and working‑capital‑intensive retailers, although the Fed also emphasized labor‑market softness and persistent inflation risks.

That mix helps explain why the broader market rallied after the decision, while Walmart shares pulled back 1.6%yesterday after a strong run. ^[12]

Still in the spotlight: Walmart’s historic move to Nasdaq

Today marks only the second full trading day since Walmart completed its high‑profile transfer from the New York Stock Exchange to the Nasdaq, effective December 9, 2025. ^[13]

Key points:

At around $905–917 billion in market value, Walmart’s switch is regarded as the largest stock‑exchange transfer in history, according to Reuters and Fast Company. ^[14]
The company now trades on the Nasdaq Global Select Market under the same ticker, WMT, alongside the so‑called “Magnificent 7” tech giants. ^[15]
CFO John David Rainey framed the move as aligning with Walmart’s “people‑led, tech‑powered” strategy and its use of automation and AI across the business. ^[16]

The listing change doesn’t alter Walmart’s fundamentals, but it could:

Boost perception of Walmart as a tech‑enabled growth platform rather than a legacy grocer. ^[17]
Eventually influence index inclusion and passive flows, if and as Nasdaq‑linked benchmarks rebalance to include WMT.

That narrative is echoed by analysts like TD Cowen and TipRanks commentators who emphasize Walmart’s role at the intersection of grocery, logistics and AI‑driven retail media. ^[18]

Fundamentals: Q3 FY26 earnings still set the tone

Underneath today’s small premarket move is a very strong recent earnings print.

On November 20, 2025, Walmart reported results for Q3 FY26 (quarter ended October 31, 2025):

Total revenue: about $179.5 billion, up 5.8% year over year, beating Wall Street estimates. ^[19]
Earnings: adjusted EPS of $0.62, ahead of the roughly $0.60 consensus. ^[20]
Net income: around $6.1 billion, up close to 30% versus the prior year, driven by higher sales and improved mix. ^[21]
Global e‑commerce: sales surged 27%, with Walmart U.S. e‑commerce up 28% and International digital growth also strong. ^[22]
Advertising & membership: global advertising revenue grew over 50% year over year, and membership income (including Sam’s Club and Walmart+) rose in the mid‑teens. ^[23]

Management raised full‑year FY26 guidance:

Net sales growth: now expected at 4.8%–5.1%.
Adjusted EPS: guided to $2.58–$2.63. ^[24]

Internationally, Walmart’s International segment is increasingly important:

Q3 International net sales rose 11.4% in constant currency to $33.7 billion, and segment e‑commerce growth reached 26%, according to a Zacks/Nasdaq breakdown. ^[25]

Several commentators — from Yahoo Finance to Investopedia and Reuters — have highlighted that this combination of steady U.S. grocery strength, rapid digital growth and upgraded guidance is the fundamental backbone supporting Walmart’s premium valuation and analyst optimism. ^[26]

Tech, AI and holiday execution: why bulls like Walmart here

Holiday operations: speed and convenience

With the holiday season underway, Walmart is leaning hard into fast fulfillment:

A December 2 corporate update reported record‑breaking Black Friday and Cyber Monday, with 57% more orders delivered from stores and 44% more orders delivered in under three hours compared with last year. ^[27]
Walmart says its same‑day delivery network now serves about 95% of U.S. households, with the fastest Black Friday order arriving in 10 minutes. ^[28]
A December 9 press release extended Express Delivery in as fast as one hour up to 5 p.m. local time on Christmas Eve, supported by a new “Get it Now” option in the app that shows live delivery ETAs. ^[29]

These moves directly reinforce Walmart’s pitch as the go‑to retailer for last‑minute shoppers, and they help support higher‑margin digital and delivery revenue streams throughout December.

AI and the “grocery/tech nexus”

Analysts and management alike keep highlighting Walmart’s technology shift:

The company describes itself as “people‑led, tech‑powered”, noting that over 40% of new software code is now AI‑generated or AI‑assisted, and more than 60% of freight is handled through automated centers. ^[30]
Walmart’s generative‑AI assistant Sparky helps customers compare products and plan purchases, and corporate data show nearly 10 million shoppers used the Walmart app in‑store over Black Friday/Cyber Monday, with app users spending about 25% more than shoppers who don’t use the app. ^[31]
TD Cowen’s updated note framed Walmart as sitting in a “grocery/technology nexus”, arguing that AI‑driven personalization plus Walmart’s massive physical footprint could sustain profit growth faster than sales growth. ^[32]

A recent Finviz‑summarized “bull case” describes Walmart as evolving into an omnichannel, data‑driven platform, with 4,700+ U.S. stores acting as micro‑fulfillment centers, and higher‑margin streams like advertising (Walmart Connect), marketplace commissions and Walmart+ memberships potentially contributing more than 20% of operating income over time. ^[33]

That’s the narrative many bulls are buying into — and it’s a big part of why valuation has drifted above its historical averages.

Valuation check: priced for execution

Different data providers peg Walmart’s valuation slightly differently, but the message is consistent: WMT is not cheap.

Fox Business key data show Walmart trading around a P/E ratio near 40x, with a market cap in the low‑$900‑billion range and a 52‑week range of roughly $79.85–$116.27. ^[34]
GuruFocus’ conference‑summary piece cites a trailing P/E of about 38.8x, P/S of 1.28x and P/B of 9.22x, all close to multi‑year highs. ^[35]
A 24/7 Wall St. comparison with Costco places Walmart’s P/E around 40x, versus ~49x for Costco, while noting Walmart’s 27% e‑commerce growth and roughly 33% net‑income growth in the latest quarter. ^[36]

On the income side:

Walmart currently yields about 0.8%, with the next ex‑dividend date scheduled for December 12, 2025 — meaning today (December 11) is the last full trading day to buy shares and still receive the upcoming dividend, according to Investing.com and Dividend.com. ^[37]

Given the low yield and rich multiple, many analysts argue that Walmart is being valued more like a steady growth/tech hybrid than a classic defensive dividend stock. Gurufocus data, for example, show a return on equity above 25% and robust revenue and EPS growth, but also flag the premium as something investors need to watch. ^[38]

Street forecasts and quantitative price predictions

Sell‑side analyst consensus

Across major aggregators, the forward view is bullish but not euphoric:

StockAnalysis:
- Consensus rating: Strong Buy
- Average 12‑month price target: $118.33 (+4.55% from yesterday’s close)
- Range: $91 (low) to $130 (high)
- Mix of Strong Buys and Buys, with only one Hold and no Sells. ^[39]
TipRanks:
- Summarizing 26 analyst ratings, shows a Strong Buy consensus, with a high target of $136 (from TD Cowen) and a consensus target around $122.52, implying about 7.3% upside. ^[40]
GuruFocus analyst round‑up:
- Average 1‑year target around $112.85 (based on 38 analysts at the time of that report, when the stock traded closer to $102), with a high near $129 and a majority of ratings in the Outperform/Buy range. ^[41]

In short, Wall Street broadly expects mid‑single‑digit to low‑double‑digit upside over the next year, assuming Walmart continues to execute on its digital and international strategies.

Quant and technical models

Short‑term quantitative forecasts lean slightly positive as well:

A CoinCodex technical model projects Walmart drifting toward about $116–117 over the next couple of days (its table shows a December 11 projection near $116.15 and December 12 near $117.11), framing December 2025 as a trading channel between roughly $111 and $116, with an average price around $113.89, or about 2% above the latest levels. ^[42]

These algorithmic views are based on historical price patterns and technical indicators rather than fundamentals. They can change quickly and should be treated as rough, model‑driven scenarios, not guarantees.

Risks that could challenge the bull case

Even bullish commentators emphasize that Walmart must keep executing almost flawlessly to justify its premium multiple. Key risks include:

Margin pressure from mix: Grocery and e‑commerce drive traffic but carry lower margins than many general merchandise categories; sustaining profit growth while investing heavily in automation and delivery remains a balancing act. ^[43]
Macro and consumer health: A softer labor market — one reason the Fed has been cutting rates — and pressure on lower‑income consumers could weigh on discretionary spending, even if Walmart gains share. ^[44]
Policy risk: A recent analysis pointed to the potential impact of a freeze in SNAP (food‑stamp) funding on retailers like Walmart, underscoring how dependent part of its customer base is on government support. ^[45]
Valuation reset: As one Finviz‑linked bull case notes, Walmart now trades 35–40% above its decade‑long average multiples, implying that any stumble in digital execution or holiday performance could trigger a meaningful derating. ^[46]

What to watch for the rest of today

As regular trading gets underway, Walmart investors are likely to focus on:

Follow‑through after the Fed cut
Whether the broader market extends yesterday’s post‑Fed gains or fades them will influence risk appetite for large defensive growth names like WMT.
Reaction to the BMO call and other analyst commentary
With BMO reiterating its $125 Outperform, and earlier bullish moves from TD Cowen, Evercore, Tigress and JP Morgan, traders will be watching for incremental upgrades or target hikes that might serve as new catalysts. ^[47]
Flows tied to Nasdaq listing & potential index shifts
The stock’s fresh presence on Nasdaq and speculation about index inclusion could drive passive and quant flows, especially around year‑end rebalancing, even if the fundamental story hasn’t changed. ^[48]
Holiday demand and logistics updates
Any additional data points on Black Friday/Cyber Monday follow‑through, last‑minute holiday shopping and express delivery adoption will feed into expectations for Walmart’s Q4 and FY26 guidance. ^[49]
Dividend timeline
With the ex‑dividend date tomorrow (Dec. 12), some short‑term positioning today could be influenced by investors seeking (or avoiding) the upcoming payout. ^[50]

Bottom line

At around $113 a share in early premarket trading, Walmart stock is catching its breath after a big year‑to‑date run, a hawkish Fed rate cut, a historic move to Nasdaq, and a string of bullish analyst calls.

The fundamental backdrop — stronger Q3 earnings, faster e‑commerce growth, more tech and AI integration, and upgraded full‑year guidance — remains solid, and consensus still points to modest upside over the next 12 months. ^[51]

At the same time, valuation is full, execution risk is real, and macro uncertainty around the consumer and policy environment means volatility is still very much on the table.

As always, this article is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any security. Investors should consider their own objectives, risk tolerance and financial situation — or speak with a qualified financial professional — before making decisions about Walmart stock.