Picture book character known as Wally in the U.K (5)

I believe the answer is:

waldo

(Other definitions for waldo that I've seen before include "Gizmo" , "Low ad (anag) - boy's name" , "Ralph -- Emerson, US poet/essayist" , "See 8" , "name Emerson had" .)

I've seen this clue in the Universal.

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