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Shares of Amazon will surge almost 30 percent to $930 over the next 12 months on increasing profitability from its Amazon Web Services unit, according to Oppenheimer.
"We believe AWS' competitive advantages in procuring, designing and architecting data centers and compute/storage resources are driving even higher profitability and lower capital intensity than previously expected," Oppenheimer's Jason Helfstein wrote in a note to clients Tuesday.
He added, "As such, we see AWS' margins as very stable in the near term."
The analyst reiterated an outperform rating on the stock, which closed Monday at $726.73. Oppenheimer's price target, which was previously $780, is the second highest behind a $1,000 forecast from Bernstein.