Amazon's stock price has been on a tear over the last year, gaining 46%.
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BARCLAYS: Amazon is probably going to be one of the first 'trillion-dollar' companies (AMZN)
Barclays thinks Amazon stock price will rise 29% and made the case for the stock's market cap to reach one trillion dollars.
Amazon Founder and CEO Jeff Bezos.
A Barclays equity research team led by Ross Sandler thinks that the party may just be getting started, initiating coverage of the stock with $1120 price target, or 29% upside.
As for Amazon Prime, Barclays loves it, declaring:
"Prime has been one of the biggest transformations in the Retail business, perhaps the biggest, in the past several years. Prime is the glue that holds everything together, from customer to merchant loyalty and retention. Prime drives higher purchase frequency and allows Amazon to bundle many services that its competitors are unable to provide, further extending the moat around the Retail franchise."
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