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Amazon's stunning growth in new markets will boost the company's shares, according to a Wall Street firm.
Jefferies reiterated its buy rating on Amazon shares, predicting the company's ad business sales will surge over the next five years.
"We think advertising could become Amazon's most profitable revenue stream and similar to AWS [Amazon Web Services] afford opportunities to invest back into the core biz," analyst Brent Thill wrote in a note to clients Tuesday. "We forecast Amazon reaching $1 trillion in market cap by 2022."
Thill raised his price target for Amazon shares to $1,850 from $1,750, representing 16 percent upside to Monday's close. The company has a market value of nearly $770 billion.
The analyst predicts Amazon's ad business will increase its sales by 43 percent per year reaching $22 billion in revenue by 2022 versus $4 billion this year. He said consumers already use Amazon for more than 50 percent of all product searches in the U.S.
"We believe [ad business] will create halo effects for the core eCommerce business as it creates greater tie-ins to brands," he wrote. "Amazon could differentiate itself by leveraging an advertiser's dream of data - billions of touch points with real sales data for attribution."
Amazon shares closed down slightly at $1,588.18 on Tuesday after the report.