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RBC Capital Markets sees Amazon shares climbing nearly 50% in the coming year, citing the rollout of the company's "Prime One-Day Shipping' program in the U.S. over the next 12 months.
"We believe AMZN may well generate accelerating revenue & unit growth for some time as One-Day goes nationwide & worldwide," RBC analyst Mark Mahaney said in a note to investors Sunday.
Amazon stock rose 0.8% in trading Tuesday, closing at $1,789.84 a share. RBC raised its price target on Amazon to $2,600 a share, from $2,250 a share — an expected gain of about 46% from current levels.
Mahaney sees Amazon's one-day shipping program as driving increased subscriptions to Amazon Prime and more spending per household using Prime. That would generate a 7% to 15% increase in Amazon's total revenue, according to RBC.
"With one-day as the catalyst, we now model sustained revenue growth acceleration and raise [2020 estimated] Revenue to $337B," Mahaney said.
Amazon began to roll out the next day delivery service to Prime members in June. The company has said it would spend $800 million during the second quarter of 2019 to decrease the Prime shipping program from two-day delivery to one day.
– CNBC's Michael Bloom contributed to this report.