According to analyst Brian Nowak, Amazon’s lucrative cloud service and rapid growth in advertising are expected to drive the company’s top-line further. He estimates profits from these two to hit about $25 billion this year and as much as $45 billion in the next two years.
Amazon shares were up 1.5% to 1,963.62 at 10:30 AM ET on Wednesday. The stock has rallied 65% so far this year, while the S&P 500 index is up just 8%.
In a separate note, the rating firm also raised the price target of Google parent Alphabet (GOOGL) to $1,515.
Also see: Why $1 trillion is just a pit stop for Apple
On August 2 this year at around 12 PM, Apple became the first trillion dollar US company, riding on a post-earnings rally, putting an end to months of speculations.
PetroChina, China’s second largest oil producer, is the first public company to breach the trillion dollar figure. The company touched the mark in November 2007 on Shanghai Stock Exchange, and in the following four months, tumbled to half its value.