Walmart Inc. (NYSE:WMT) could unlock billions of dollars in advertising revenue as it expands its digital advertising business, strengthens its connected TV presence and integrates artificial intelligence into shopping, according to Bank of America.
美國銀行表示，隨著沃爾瑪拓展其數字廣告業務、強化其在聯網電視領域的佈局，並將人工智慧融入購物體驗，該公司有望釋放出數十億美元的廣告收入。
Bank of America analyst Christopher Nardone maintained a Buy rating on Walmart with a $126 price forecast on Monday.
美國銀行分析師克里斯托弗·納爾多內周一維持對沃爾瑪的買入評級，並給出126美元的目標價。
Advertising Business Gains Momentum
廣告業務發展勢頭強勁
Following a meeting with Walmart Connect executive Ryan Mayward, Nardone highlighted the retailer's growing ability to attract advertising dollars from competing platforms.
在與沃爾瑪Connect高管瑞安·梅沃德會面後，納多內強調，這家零售商從競爭平台吸引廣告預算的能力正在不斷增強。
Walmart's access to roughly 150 million weekly shoppers gives advertisers valuable consumer insights and helps the company measure advertising effectiveness.
沃爾瑪每周約有1.5億名購物者，這爲廣告主提供了寶貴的消費者洞察，並幫助公司衡量廣告效果。
Meanwhile, Walmart continues to add tens of thousands of third-party marketplace sellers, creating another source of advertising revenue.
與此同時，沃爾瑪繼續引入數以萬計的第三方平台賣家，從而開闢了另一條廣告收入來源。
Bank of America estimates that marketplace sellers typically spend 10% to 12% of gross merchandise value on advertising, compared with 4% to 6% for traditional Walmart suppliers.
美國銀行估計，平台賣家通常將商品總價值的10%至12%用於廣告投放，而傳統沃爾瑪供應商的這一比例僅爲4%至6%。
Connected TV Opens Multibillion-Dollar Opportunity
智能電視開啓數十億美元的市場機遇
The analyst also highlighted Walmart's acquisitions of Vizio in December 2024 and Vibe.co in August 2026.
該分析師還強調了沃爾瑪分別於2024年12月收購Vizio以及2026年8月收購Vibe.co的舉措。
These deals expand Walmart's reach beyond brands selling products through its stores and marketplace.
這些交易使沃爾瑪的業務範圍擴展到了通過其門店和電商平台銷售商品的品牌之外。
Vibe's self-service platform allows small and midsize businesses to launch and measure streaming TV campaigns using Walmart's consumer data.
Vibe的自助平台使中小型企業能夠利用沃爾瑪的消費者數據開展並評估流媒體電視廣告活動。
Nardone believes these advertisers could represent a multibillion-dollar opportunity over the longer term.
納爾多內認爲，從長期來看，這些廣告主有望帶來數十億美元的商機。
Walmart's investment in Vizio's WatchFree+ streaming service also provides additional advertising inventory.
沃爾瑪對Vizio的WatchFree+流媒體服務的投資也提供了額外的廣告庫存。
AI Shopping and Sam's Club Offer More Growth
人工智能購物與山姆會員商店帶來更多增長
Bank of America sees Walmart as a potential beneficiary of AI-powered shopping because of its integrations with multiple AI platforms.
美國銀行認爲，由於沃爾瑪與多個人工智能平台實現了整合，它有望成爲人工智能驅動購物的受益者。
The retailer operates its own AI shopping assistant, Sparky, and has partnered with external platforms, including Meta Platforms, Inc.'s (NASDAQ:META) Muse.
該零售商運營着自己的人工智能購物助手Sparky，並與包括Meta Platforms, Inc.（納斯達克：META）的Muse在內的外部平台建立了合作關係。
However, the analyst cautioned that it remains too early to determine how AI shopping agents will reshape advertising.
然而，該分析師提醒稱，目前尚難以判斷人工智能購物助手將如何重塑廣告業。
Meanwhile, Walmart is moving Sam's Club's U.S. advertising operations onto Walmart's technology platform. The integration could encourage brands to increase advertising spending across Walmart, Sam's Club and international markets.
與此同時，沃爾瑪正將山姆會員店的美國廣告業務遷移至沃爾瑪的技術平台。這一整合有望促使品牌在沃爾瑪、山姆會員店及國際市場加大廣告投入。
Valuation and Risks
估值與風險
Bank of America's $126 price forecast reflects 40 times its fiscal 2028 adjusted earnings estimate, above Walmart's average forward earnings multiple of 36 over the past two years.
美國銀行的126美元目標價相當於其2028財年調整後每股收益的40倍，高於沃爾瑪過去兩年36倍的平均前瞻市盈率。
The premium reflects expectations for continued market share gains, stronger store traffic and operating income growth approaching twice the pace of sales growth.
該溢價反映了市場對市場份額持續提升、門店客流量增強，以及營業利潤增速接近銷售增速兩倍的預期。
However, the firm identified slowing food inflation, tougher competition and weaker global retail conditions as potential risks to its outlook.
然而，該公司將食品通膨放緩、競爭加劇以及全球零售環境走弱視爲對其前景的潛在風險。
Walmart Price Action
沃爾瑪價格行動
WMT Price Action: Walmart shares were down 0.05% at $118.74 at the time of publication on Monday, according to Benzinga Pro data.
WMT價格走勢：據Benzinga Pro數據顯示，截至周一發稿時，沃爾瑪股價下跌0.05%，報118.74美元。 (Benzinga)