大摩：“Walmart+”会员规模企稳高位 零售巨头沃尔玛股价有望奔向115美元

Core Insights - Morgan Stanley's AlphaWise survey indicates that Walmart's subscription service "Walmart+" is expected to maintain a user base close to historical peaks by May 2025, following a strong penetration rate achieved in April [1] - This trend is anticipated to drive growth in Walmart's recurring sales and high-profit margin expectations, enhancing the profitability outlook for the company's "alternative profit" growth business [1] - Based on the momentum of Walmart+ memberships and their contribution to earnings, Morgan Stanley's stock analyst team maintains an "overweight" rating on Walmart's stock, with a 12-month target price set at $115, compared to Walmart's recent stock price of approximately $99 [1]