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Amazon shares could double in three years, Bill Miller says

Bill Miller speaking at CNBC/Institutional Investor's Delivering Alpha conference in New York on Sept. 13, 2016
David A. Grogan | CNBC shares, already enjoying a torrid run, could "double in three years," value investor Bill Miller said Tuesday.

The e-commerce titan will rise on the strength of continued revenue growth and margin expansion in its rapidly growing Web Services business, the LMM chief investment officer said. He added that he sees more upside for Amazon than Facebook or Google because the U.S. retail market dwarfs the advertising market occupied by Facebook and Google.

Amazon shares have climbed more than 40 percent in the last year.

Miller presented his Amazon thesis at the Delivering Alpha conference sponsored by CNBC and Institutional Investor.