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There's a new biggest Amazon bull on Wall Street, who sees the stock surging 50% in a year

Key Points
  • Pivotal Research analyst Michael Levine has a price target on Amazon of $2,750 a share.
  • That's the highest on Wall Street, according to TipRanks.com
  • Amazon has "the highest quality management and franchise within global internet" and is therefore "a must own name with huge upside even from here," Levine says.

Amazon is valued at just over $900 million but, as of Wednesday, one analyst is advising investors that the stock will climb nearly 50% over the next year.

Pivotal Research analyst Michael Levine has a price target on Amazon of $2,750 a share, the highest on Wall Street according to Tip Ranks. That's well above second-highest forecast, Cowen's $2,500 target.

Amazon has "the highest quality management and franchise within global internet" and is therefore "a must own name with huge upside even from here," Levine said in a note to investors. That's because the company's Amazon Web Services (AWS) cloud business "will surprise" investors with its growth, he said, and Amazon's "move towards one day shipping is a significant step to owning the consumer's wallet."

Levine's price target would value the company at $1.35 trillion.

"Despite deceleration, [it] remains the most open-ended story in large cap tech," Levine said.

Amazon shares were 0.7% lower in premarket trading from Tuesday's close of $1,836 a share.