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Another analyst came out with a $1,000 price target on

Boxes move along a conveyor belt at the Inc. fulfillment center in Robbinsville, New Jersey.
Michael Nagle | Bloomberg | Getty Images

Top-ranked analyst Youssef Squali of Cantor Fitzgerald upgraded Amazon to buy on Wednesday and became at least the fifth analyst on Wall Street who predicts shares of the retail giant could hit the $1,000 mark in the next 12 months.

"We believe we're reaching a tipping point in e-commerce, with revenue growth in the U.S. accelerating Y/Y [year over year] in the first nine months of 2016," wrote Squali in a research note, pointing to Amazon as the main beneficiary of this trend.

Squali's picks have a 15 percent one-year average return with a 71 percent success rate, according to analyst ranking service TipRanks, placing him in the top 1 percent of all Wall Street analysts covering any industry.

His 12-month price target of $1,000 implies a gain of 20 percent from Tuesday's close.

Below are the key catalysts that could take the stock to new highs, according to the analyst.