JP Morgan believes Wal-Mart is better placed than its competitors to cope with a recession. Retail analysts at the US bank have stated that "Wal-Mart's fundamentals far outpace its peers", and therefore that it is better placed to survive the current weak economic outlook. This is true for its US operations, but international activities are increasingly important for the retail giant. Outside Wal-Mart's home market, the picture becomes less clear.