(Updated to include Truist's commentary)

Truist Securities lowered its price target on Walmart (WMT) to $114 from $140 following the retail giant's Q2 earnings.

Although the quarter did not deliver the type of beat/raise investors have become accustomed to, the brokerage highlighted that the company continues to gain market share, is further widening price gaps and rapidly growing their higher-margin alternative revenue streams, such as advertising, membership, and marketplace, analysts Scot Ciccarelli and Joseph Civello wrote in a Thursday note.

The brokerage lowered its price target, citing adjustments to estimates amid a rising cost environment.

Walmart has an average rating of overweight and mean price target of $131.03, according to analysts polled by FactSet.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

Price: 102.41, Change: -1.18, Percent Change: -1.14