Walmart+ is estimated to have over 10M subscribers

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• Morgan Stanley says data on the Walmart+ (NYSE:WMT) rollout is positive.
• Analyst Simeon Gutman says the data corroborates estimates for Walmart+ membership in the 10M to 14M range.
• "While this is below some other estimates we've seen on the Street (which we believe are too high), it's still a healthy number. Importantly, these members 1) are a more attractive demographic with higher spending power, 2) aren't just the most loyal Walmart shoppers, and 3) their incremental spend is tracking closer to our Walmart+ bull case we laid out a year ago."
• Gutman also says free grocery delivery is a key differentiator for the service.
• Overall, Walmart+ is called key to the long-term investment case on WMT. The stock is still one of the top picks at Morgan Stanley in the retail sector.
• Walmart is due to report earnings next month and look to extend on its streak of six straight revenue beats.