Telsey Advisory raised the firm’s price target on Walmart (WMT) to $118 from $115 and keeps an Outperform rating on the shares. Telsey expects Walmart will remain a market share gainer in the retail industry and is encouraged by the company’s expanded vision beyond retail and e-commerce,

In May, McMillon warned of tariff-driven price hikes for a wide range of goods that includes food, toys and electronics. Trump publicly criticized Walmart for saying it would hike prices, calling on the company to “eat the tariffs.”

The retail giant’s U.S. comparable sales rose 4.6% in the latest quarter.