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One Wall Street firm predicts Amazon will be worth significantly more than $1 trillion in the coming decade.
MKM Partners reiterated its buy rating for the internet giant, saying Amazon will continue to dominate the e-commerce and cloud computing markets.
We think Amazon "should continue deploying all available capital until reinvestment opportunities become more limited or more risky," analyst Rob Sanderson wrote in a note to clients Thursday. "Our detailed scenario analysis implies that AMZN could exceed a $1.6 trillion valuation over the next 7-8 years."
Amazon has a market value of $465 billion through Wednesday, according to FactSet. Its shares have rallied 29 percent this year, compared with the S&P 500's 10 percent return.
Sanderson reiterated his $1,275 price target for Amazon, representing 32 percent upside from Wednesday's close.
He said Amazon's market share of U.S. retail spending rose nine times from 2008 to 2016, to 5.1 percent. He predicts the e-commerce company will reach 15.5 percent retail spending share by 2025 and "surpass Wal-Mart over time. "
Sanderson is also bullish on the growth prospects for Amazon Web Services. He forecasts the company's cloud computing business can grow its sales 20 percent annually for the next eight years.
"We agree that cloud is the largest redefinition of computing since the PC-era and will significantly redistribute value across the tech food chain," he wrote. "AWS is growing much faster than Microsoft did on its path to PC-era dominance. "
The analyst noted that Microsoft was able to grow its sales by more than 20 percent annually for 23 years after first reaching its leading technology position.