Analysts are betting that further market-share gains and increased profit contributions from Walmart’s higher-margin ancillary businesses will extend the stock’s rally.

PepsiCo Inc. is on course to take over as the biggest U.S. beverage company by market value, supplanting rival Coca-Cola Co., according to Wall Street analysts.

Walmart Inc. shares could surge more than 30% in the next 12 months as the shopping behemoth continues to gain market share even as grocery inflation eases, according to Piper Sandler.