The Amazon Prime service of the Internet giant is getting people to buy more, Morningstar Analyst R.J. Hottovy told CNBC's "Squawk Box" on Monday.
Coupled with the company's Kindle tablets and e-reader offerings, Hottovy said those factors are among the reasons he thinks the stock can increase 17 percent to $300 in the next 12 months. He did cite the push to collect online sales taxes as a headwind.