Nov 14 (Reuters) - Walmart (WMT.N) and Target (TGT.N) results this week are likely to show that major retailers are heading for a turbulent holiday season as rampant inflation has made everything from toothpaste to Christmas sweaters more expensive for shoppers. "We have our expectations set really low, it's a difficult environment," said Bill Smead, chief investment officer of Smead Capital Management, which owns Target shares worth more than $200 million. Smead said recent warnings around demand from FedEx and Amazon did not bode well for retailers this season. The economic slowdown has led to expectations of a more muted holiday shopping season with everyone from Amazon to Walmart kick-starting holiday deals early to clear excess merchandise. However, Walmart and Target's scale and ability to undercut smaller retailers on price may still help them fare better than others as they attract more cost-conscious consumers looking to do their Christmas shopping on a budget, analysts said.

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