Morningstar's Brett Husslein calls Walmart’s (WMT) earnings beat “modest” and notes that while its guidance is conservative, it has a pattern of increasing its expectations for the year as it progresses. He walks through his highlights from the report, including global ad revenue growth and overall margins. However, he has a $62 fair value estimate, a steep drop from current levels. Brett argues that the market expects a lot from Walmart going forward compared to its historical valuation.