11:00 AM EDT, 05/10/2024 (MT Newswires) -- Walmart's ( WMT ) fiscal Q1 adjusted earnings and US comparable sales are expected to fall short of market estimates while traffic trends are seen remaining strong, BofA Securities said Friday.

The retail giant is scheduled to report fiscal Q1 results Thursday. BofA expects adjusted earnings of $0.51 per share and US same-store sales growth of 3.5%. The market consensus is for $0.52 and 3.7% growth, respectively, according to the firm.

"Our F1Q comp forecast implies a slight deceleration vs. F4Q's +4.0% given moderating grocery inflation and likely continued softness in general merchandise," BofA analyst Robert Ohmes said. "However, we think strong observed transactions for WMT in F1Q according to Bloomberg Second Measure card data implies continued strong underlying momentum for WMT."

BofA maintained its buy rating on the Walmart ( WMT ) stock, with a $67 price objective.

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