Walmart (WMT) likely is better positioned to navigate President Trump's tariffs on imported goods than most of its rival retailers, RBC Capital Markets analysts said in a research note Tuesday.

Walmart is scheduled to report fiscal Q1 results on May 15 and the RBC analysts said they do not expect it to be a "major catalyst quarter."

During an investor meeting in April, Walmart maintained its full-year sales growth guidance of 3% to 4% at constant currency terms. The company also reaffirmed its forecast for adjusted operating income to rise by 3.5% to 5.5% in constant currency for the ongoing fiscal year.

The analysts said they were maintaining their estimate for the company's US comparable sales to rise by 4% in Q1 while consolidated net sales are expected to grow 4%, down from a prior forecast expecting 4.4% growth.

RBC analysts also "modestly" trimmed their outlook for international sales growth in Q1 to 7.6% from 9.6%, citing geopolitical uncertainties, although the forecast remains ahead of the Wall Street consensus looking for a 6% year-over-year increase.

The RBC analysts also said while there's evidence tariffs are causing consumers to rein in discretionary spending, particularly among Walmart's general merchandise sales, third-party data indicates sales were softer in February and March followed by a strong April, which could be explained by unfavorable weather earlier in 2025 and a delayed Easter holiday this year.

RBC expects Walmart to issue sales growth outlook of 3.5% to 4.5% for Q2.

It has an outperform rating on Walmart's stock with a $102 price target.

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