Amazon has 'significant opportunity' in international markets, stock can rally 50%, Cowen says

A worker loads customer orders into a waiting tractor-trailer inside the million-square foot Amazon distribution warehouse that opened last fall in Fall River, MA on Mar. 23, 2017.
John Tlumacki | Boston Globe | Getty Images

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Amazon's significant international growth opportunity isn't currently reflected in the company's stock price, Cowen said Tuesday in a note to clients. 

The firm reiterated its outperform rating on the stock, which is its top pick for 2020.