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Some on Wall Street are getting even more bullish now that Amazon has surged above $1,000 a share.
Small firm Maxim Group raised its price target to the highest among analyst firms, saying the internet giant is or will disrupt 10 markets worth $1 trillion in the future.
"Amazon.com will become simply Amazon as consumers increasingly interact with the company in physical locations (i.e. offline)," analyst Tom Forte wrote in a note to clients Tuesday. "We analyze ... [the] opportunities for Amazon to fuel its future growth and further disrupt the retail sector. For each one, we project the opportunity to drive incremental sales growth and the impact on profitability. This research increases our conviction in the stock."
He raised his 12-month Amazon price target to $1,300 from $1,075, representing 29 percent upside from Monday's close. He has the highest price target on the company out of 39 analysts, according to FactSet. There are three analysts with $1,250 targets on the stock.
Forte listed the 10 trillion-dollar market opportunities for Amazon:
"Apparel, B2B E-Commerce, the Consumer Internet of Things, Gas Stations, Grocery, Pharmacy, Professional Services, Restaurants, Stores, and Travel."
As a result the analyst predicts Amazon will be able to grow sales by 21 percent annually through 2019.
"We believe the success of AWS [Amazon Web Services] has opened management's eyes to the power of running a high-margin business, including to provide free cash flow to invest in its lower-margin efforts," Forte wrote.
Amazon shares have rallied 35 percent this year through Monday, compared with the market's 9 percent return in that period.
— CNBC's Patricia Martell contributed to this story.