Walmart (WMT) is still likely to deliver its earnings per share guidance for Q1 but could scrap its fiscal 2026 outlook due to tariffs, Oppenheimer said in a note Monday.

"For Q1, we still believe the EPS guidance range is achievable,

but upside potential is likely limited," Oppenheimer analysts said ahead of the company's Analyst Day events this week.

"We expect consumers to stock-up near term ahead of potential tariff induced price increases, offsetting some discretionary category headwinds lately," they said.

The analysts also said that they see the risk of management withdrawing its fiscal 2026 guidance, adding that they are taking down their Q2-Q4 forecasts amidst recent tariffs and potential adverse impacts on discretionary spending later in the year.

The analysts said the company would likely reiterate its longer-term algorithm for roughly 4% sales growth.

"We currently do not expect the upcoming Analyst Day to represent a positive catalyst for shares," they said.

Oppenheimer cut its price target to $95 from $110 while keeping its outperform rating.

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