KeyBanc downgrades Walmart, says the end of federal stimulus will slow middle-class spending

Published Thu, Jan 20 20226:25 AM ESTUpdated Thu, Jan 20 20229:12 AM EST

A shopper carries a bag outside a Walmart store in San Leandro, California, on Thursday, May 13, 2021.

David Paul Morris | Bloomberg | Getty Images

Growth will be hard to come by for Walmart in 2022 as consumer spending loses some of its government support, according to KeyBanc.

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