The world's largest retailer posted earnings of 98 cents per share, above projections of 96 cents per share. However, the company missed on revenue, reporting $118.18 billion, below expectations of $118.7 billion.
"I think what you do need to keep in mind is the environment in terms of all the retailers who have reported; Walmart has the strongest numbers so far," Guggenheim managing director Robert Drbul said on CNBC's "Squawk Box" this morning.
He expects Walmart to increase its comps 1.5% for the fourth quarter, as well as into 2017.
"They have a lot of momentum, traffic was positive this quarter again (up 70 basis points) and in retail that is one of the strongest metrics you need to have positive," Drbul noted.
Regarding Walmart's e-commerce business, Drbul believes it is still too soon to measure the positive impact acquisitions like Jet.com are having on the company. However, he remains confident in that side of the business.
"Overall we like what they're doing in e-commerce," he said. "They're very proactive with the Jet acquisition."
Moreover, when thinking about Walmart investors must think of the company as a tale of two businesses, Drbul said.
"One, is to keep the store operations humming along and the second is to stay focused on the e-commerce opportunity the company has in front of them," he noted.
Moving forward, Drbul has an $82 price target on the stock and contends it is a solid holding in the current environment.