While smartphone maker Apple Inc. (AAPL) was the first U.S. company to reach the $1 trillion 澳洲幸运5开奖号码历史查询:market cap  threshold earlier this month, one team of analysts on the Street expects FAANG peer Amazon.com Inc. (AMZN) to blow past that value in just a few years. As the Seattle-based 澳洲幸运5开奖号码历史查询:e-commerce behemoth beats out Walmart Inc. (WMT), the world's largest retailer, it could garner a whopping $2.5 billion valuation by 2024, according to MKM Partners. (See also: Amazon Will Be Next to Hit $1T: VC Vet Ann Winblad.)

In a note Wednesday, MKM's Rob Sanderson increased his 12-month 澳洲幸运5开奖号码历史查询:price target on Amazon stock to $2,215 from $1,840, reflecting an 16.3% upside from Wednesday's close, as reported by CNBC. Trading up 1.1% at $1,904.90, AMZN shares have returned 62.9% 澳洲幸运5开奖号码历史查询:year-to-date (YTD) and have doubled over the past 12 months, outperforming the 澳洲幸运5开奖号码历史查询:S&P 500's 7% increasꩵe and 17.1% gain over the same respective periods. 

Sanderson attributed his optimistic outlook to the strength of Amazon's public 澳洲幸运5开奖号码历史查询:cloud business, Amazon Web Servi⭕ces (AWS), which should benefit from improved margins in the coming years. He expects AWS become more valuable than the entirety of Amazon, which currently stands at $918.2 billion.

E-Commerce Giant 'Best Long-Term Growth Investment' Today

In the second quarter, Amazon's cloud segment grew nearly 49% to reach $6.11 billion in revenue, exceeding the 澳洲幸运5开奖号码历史查询:consensus estimate and maintaining its lead against players such as Microsoft Corp. (MSFT) and Alphabet Inc. (GOOGL). While Sanderson expects AWS growth to decelerate to 37% in 2019 from 46% this year, below growth forecasts from Microsoft and Google, he expects a 35% 澳洲幸运5开奖号码历史查询:operating margin in 2024, up from 26.9% in Q2 and a high of 28.5% at 𒅌the end of 2015. By 2024, Sanderson estimates AWS to comprise nearly one third of Amazon's $88 billion in profit.&nb𒈔sp; 

"We still think that AMZN is the best long-term growth investment available to investors today," wrote MKM. The bull highlighted upside drivers including improved profitability in the e-commerce giant's fulfillment operations following aggressive expansions over the past two years, and a heightened focus on fresh food delivery, as reported by CNBC. 

By 2025, MKM foresees founder Jeff Bezos' "everything store" controlling 14.5% of the U.S. retail market, surpassing traditional 澳洲幸运5开奖号码历史查询:brick-and-mortar rival Walmart Inc. (WMT), which has doubled down on delivery and its own online business to hedge against Amazon fears. (See also: Amazon Owns $1 Billion Worth of Other Companies.)