12:12 PM EDT, 10/15/2024 (MT Newswires) -- Walmart's ( WMT ) shares still have ample upside potential even after their significant run so far this year, as investors remain bullish on the retailer's opportunity with its marketplace, UBS Securities said in a note e-mailed Tuesday.

The market is increasingly confident in Walmart's ( WMT ) ability to leverage its reshaped profit and loss structure for long-term growth. Central to this strategy is the expansion of its marketplace, which is poised to play a crucial role in enhancing Walmart's ( WMT ) alternative business ventures, according to the note.

Walmart's ( WMT ) e-commerce platform is seen as a "key enabler" of the company's other "alternative businesses" such as advertising, membership, fulfillment, and data monetization, the investment firm said.

"We think the potential incrementality of these businesses are yet to be fully priced in," UBS said. "Plus, as the company continues to disclose more information and metrics on these incremental businesses, the market's perception will continue to shift and WMT will be seen as more than just a retailer."

UBS estimates that Walmart's ( WMT ) US third-party gross merchandise volume, or GMV, will grow to $45 billion in the calendar year 2024, up from around $35 billion in 2023, based on the assumption that the US GMV makes up 50% of Walmart's ( WMT ) total global third-party GMV.

UBS has a buy rating on the stock and a $92 price target.

Shares of Walmart ( WMT ) were up nearly 2% in recent trading.

Price: 81.79, Change: +1.50, Percent Change: +1.87