Walmart's Walmart+ Membership at a Record 17m - Morgan Stanley

let atwWrapper,atwContainerWidth,atwSliderBox,atwTotalWidth; function initATWSlider() { atwWrapper = $('.relatedInstruments'); atwSliderBox = atwWrapper.find('.slider'); atwContainerWidth = atwWrapper.width(); atwTotalWidth = atwSliderBox.width(); if(window.domainId === '2' || window.domainId === '3'){ atwWrapper.find('.sliderRight').addClass('js-slider-prev'); atwWrapper.find('.sliderLeft').addClass('js-slider-next'); } else { atwWrapper.find('.sliderRight').addClass('js-slider-next'); atwWrapper.find('.sliderLeft').addClass('js-slider-prev'); } if(atwSliderBox.find('.instrumentBox').length > 6){ atwWrapper.find('.js-slider-next').fadeIn(600); } } function atwMoveRight() { atwWrapper.find('.js-slider-prev').fadeIn(150); $(".slider > :visible:first").hide(150) $(".slider > :visible:last").next().show(150); if(!$(".slider > :visible:last").next().find('.name')()){ atwWrapper.find('.js-slider-next').fadeOut(150); return; } } function atwMoveLeft() { atwWrapper.find('.js-slider-next').fadeIn(150); $(".slider > :visible:last").hide(150); $(".slider > :visible:first").prev().show(150); if(!$(".slider > :visible:first").prev().find('.name')()){ atwWrapper.find('.js-slider-prev').fadeOut(150); return; } } initATWSlider(); //update star icon on adding/removing instrument to/from specific watchlist atwWrapper.on('click', 'label.addRow', function() { let parent = $(this).parent(); let checkedPortfolio = false; parent.find('input[type=checkbox]').each(function () { if($(this).is(':checked')){ checkedPortfolio = true; } }); let closestStar = $(this).closest('.addToPortWrapper').find('.star'); if(checkedPortfolio){ closestStar.addClass('added'); }else{ closestStar.removeClass('added'); } }); //update star icon on creating new watchlist atwWrapper.find('.js-create-watchlist-portfolio').find('a.js-create').on('click',function () { let parent = $(this).parent(); let watchlistName = parent.find('input[type=text]').val(); if(!watchlistName){ return; } let star = $(this).closest('.addToPortWrapper').find('.star'); star.addClass('added'); }); //update star icon on adding new position atwWrapper.find('.js-create-holdings-portfolio').find('.js-submit').on('click',function () { let addPositionForm = $(this).closest('.addToPortfolioPop').find('.holdingsContent'); let amount = addPositionForm.find('.js-amount').val(); if(amount < 1){ return; } let star = $(this).closest('.addToPortWrapper').find('.star'); star.addClass('added'); }); window.atwPairTypes = {"7997":"Equities"};

By Sam Boughedda

A Morgan Stanley analyst released a research note on Walmart (NYSE:WMT) Monday, providing bullish commentary on the stock.

The analyst has an Overweight rating and a $150 price target on Walmart, whose shares are up 0.7% at the time of writing.

"Walmart+ has ~17m members, a ~1m increase over our last estimate from early May. Per our latest AlphaWise Consumer Pulse Survey Wave 25 (conducted 8/2- 8/5) Walmart+ has 17.0m members, or 13.0% US household penetration," the analyst said. "Our latest 17m estimate is up ~1m from our last published estimate from early May, though we conducted some surveys in between that show membership fluctuating in the 16-18m range; we think ~17m is thus a reasonable current estimate."

The analyst said those numbers suggest membership momentum continues to climb at a "relatively modest, but steady pace." He also said the top reason users subscribe to Walmart+ is free same-day delivery.

"Our prior ~16m estimate from May was also ~1m above the prior estimate from late January. In all, membership has grown from ~8-9m at year-end '20 to ~10m at mid-year '21 to ~15m at year-end '21 to ~17m currently," the analyst added. "We continue to observe ~80% of existing Walmart+ members are also Prime members, suggesting some openness to having two memberships. Also, the fact that the defining Walmart+ feature continues to be same day delivery (focused on Grocery) remains a competitive advantage over Prime, which offers similar Grocery benefits but which are not as widespread or as well regarded by consumers in our view."