Morgan Stanley analyst Simeon Gutman reports that the firm’s latest survey work suggests Walmart (WMT)+ membership declined by 2.1M month-over-month to an implied 25.7M current members as of October, or about 16.7M adjusted for survey response error. While stating that the membership drop “remains within normal sampling variation and count is directionally building,” the firm calls the step-down “something to monitor.” It keeps an Overweight rating and $115 price target on Walmart shares.
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