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Amazon is "becoming a profit machine" and the stock will exceed its all-time high by the end of the year, Loop Capital Markets' Anthony Chukumba told CNBC Tuesday.
The retail analyst set a price target of $2,300, which is 12 percent higher than when it traded at $2,050.50 and the internet company broke the $1 trillion valuation mark in September.
The growing Amazon Web Services division and advertising businesses are part of the reason Amazon will bounce back from the bear market territory it slipped into during the market turmoil that closed out 2018, Chukumba said.
Shares of Amazon closed Monday at $1,629, still down 20 percent since those record highs. A bear market is defined as a decline in a stock or index of 20 percent or more from recent highs.
The e-commerce giant has "finally reached an inflection point in which their top line, even though it's slowing, is growing at a faster rate than their fixed cost," he said on "Squawk Alley." "So you're getting fixed-cost leverage."
On Monday, Amazon became the most valuable publicly traded company in the U.S. with a $797 billion market cap, taking the crown from Microsoft, which had taken the top spot in November after Apple fell from its lofty $1-trillion-plus valuation.
Shares of Amazon was up more than 1 percent Tuesday and its valuation has climbed above $800 billion as of midday Tuesday.
Chukumba also sees the health-care market as a "big opportunity" for Amazon disruption. The company made a number of moves in that $3.5 trillion sector last year, including launching its own employee health clinic in Seattle.
He also thinks Amazon is likely to win the Joint Enterprise Defense Infrastructure contract.