Walmart's Combined Membership Likely Strengthens 'Value Proposition,' Oppenheimer Says

12:05 PM EDT, 10/22/2026 (MT Newswires) -- Walmart's (WMT) new $120 membership combining Walmart+ and Sam's Club Plus strengthens the retailer's "value proposition" and could drive incremental market share gains, particularly in delivery and e-commerce, Oppenheimer said in a report Thursday. The firm said consumers are the "clear winners," as the combined membership offers $98 in savings compared with buying the two memberships separately and includes home delivery from both Walmart and Sam's Club without markups. The offering further strengthens Walmart's membership proposition versus Amazon's (AMZN) Prime and Costco Wholesale (COST) and could support additional "wallet share gains" if adoption is strong. However, the firm expects a near-term "P&L headwind" and said the longer-term financial impact is "less clear," according to the report. Oppenheimer has a perform rating on Walmart and continues to see a "balanced risk/reward" for its shares, citing long-term benefits from market-share gains, e-commerce and AI investments, while noting near-term risks from potentially softer comparable sales and an elevated valuation, the report said. Price: 120.06, Change: +2.26, Percent Change: +1.92