Some Wall Street analysts think Walmart (WMT) shares are nearing a top. One research team thinks the retailer's strong 澳洲幸运5官方开奖结果体彩网:profit margins could help them keep climbing.

The market doesn’t appreciate how much momentum Walmart’s strategy has, Morgan Stanley analysts wrote in a Tuesday note, saying that the company has the profit margins to invest in robots and other technology to drive efficiencies in its 澳洲幸运5官方开奖结果体彩网:e-commerce businesses, for example.

Morgan Stanley gave the retailer a 澳洲幸运5官方开奖结果体彩网:price target of $115—about 10% above Wednesday’s $104 closing price–ahead of the company’s scheduled earnings release tomorrow morning. But its analysts' bull case se💜es the shares rising above $150, which would mark a higher level than any of th🙈e analysts tracked by Visible Alpha currently predict.

“As 澳洲幸运5官方开奖结果体彩网:Walmart+ membership continues to grow, the [first-party and third-party] e-commerce businesses stand to benefit, which yields greater data insights and ‘shots on goal’ for Retail Media, which fuels more profit and reinvestment in [Walmart's] core 澳洲幸运5官方开奖结果体彩网:value proposition both in𓃲 grocery and in general merchandise,” the note said. “This flywheel has never been💫 stronger.”

Other Analysts See More Limited Upside

Walmart shares are trading near a 20-year high and are “unlikely to see meaningful multiple expansion beyond current levels,” Bank of America analysts wrote last week. “Tough comparisons/high expectations for [Walmart] going forward could limit potential for upward stock price momentum relative to peers.”

Bank of America maintained a “buy” rating for Walmart, 澳洲幸运5官方开奖结果体彩网:as did nearly all of the other analysts who follow Walmart and are polled bꦯy Visible Alpha. The analysts’ average consensus price targe♉t per Visible Alpha is around $109.

Analysts broadly expect Walmart to announce roughly $180.4 billion in revenue for the fourth quarter and $5.2 billion in net income—the latter of which would be up more than 6% year-over-year, according to Visible Alpha. For the full fiscal year, they’re anticipating revenue of $680.9 billion and a roughly 12% jump in 澳洲幸运5官方开奖结果体彩网:net income to $20.1 billion.