瑞银：物流服务成增长新支点 重申沃尔玛(WMT.US)“买入”评级

Core Viewpoint - UBS reaffirms "Buy" rating and target price of $110 for Walmart, emphasizing the importance of its logistics services as a key pillar of its "second income statement" [1] Group 1 - Walmart's logistics services are seen as a critical driver of its business model transformation, contributing to revenue growth and other business elements like third-party marketplace fees [1] - The company's extensive infrastructure and service system are essential for understanding its overall investment value, as they provide ample room for revenue and profit expansion [1] - Walmart's long-standing market leadership is attributed to its low prices and strong value proposition, with a new focus on convenience driven by logistics improvements [1] Group 2 - New capabilities are expected to allow Walmart to attract more sellers in its market, enhancing its marketplace and e-commerce revenue [2] - An increase in sellers is anticipated to lead to higher advertising revenue, while improved convenience is likely to boost customer loyalty and reach new households [2] - Continued investment in fulfillment is projected to drive Walmart's "second profit statement" flywheel, increasing its influence in the retail sector [2]