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Walmart ( WMT ) could attract more shoppers in an uncertain economic environment. The stock, however, may not have much room to run, according to new research.

Oppenheimer analysts in a Monday note cut their price target on the giant retailer's shares to $95 from $110, below Wall Street’s mean and the lowest one tracked by Visible Alpha. The shares were recently edging higher at near $85. (Read Investopedia's live coverage of today's trading here .)

The analysts in their report said they expect consumers to stock up on products ahead of tariffs. But those same tariffs will likely weigh on discretionary spending in the rest of 2025, according to Oppenheimer.

Walmart is hosting an investor event on Wednesday. Oppenheimer analysts suspect that the company might withdraw its full-year outlook—it earlier this year guided investors toward revenue growth of 3% to 4%—amid economic uncertainty driven by the Trump administration's latest tariff moves.

All of the analysts who follow Walmart and are tracked by Visible Alpha have buy or equivalent ratings on the shares, which are down about 7% this year so far.

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