One analyst reportedly has predicted online titan Amazon.com Inc. could be worth $2.5 trillion by 2024, primarily because of its very profitable cloud business.
MKM's Rob Sanderson also sees Amazon gaining more U.S. retail market share than Walmart in 2025, CNBC reported.
The Seattle company's cloud business continues to grow rapidly while improving margins, the analyst wrote.
Sanderson wrote on Wednesday that Amazon Web Services could be worth $1 trillion in six years, more than the current market cap of the entire company, which currently sits at $929 billion, CNBC reported. Apple topped the trillion-dollar mark earlier this month.
"We still think that AMZN is the best long-term growth investment available to investors today," Sanderson wrote. He raised his 12-month price target to $2,215 from $1,840, CNBC said.
Amazon will control 14.5 percent of the U.S. retail market by 2025, ahead of Walmart, CNBC said Sanderson predicted.
Meanwhile, Amazon itself continues to seemingly grow in which it is involved.
For example, Amazon recently started offering curbside pickup at Whole Foods stores, in its latest gambit to win over U.S. grocery shoppers, Reuters reported.
Customers can place orders via Amazon's Prime Now app and ask to have groceries loaded into their car upon arrival at a store, the company said in a statement. The service is now available in Sacramento, California, and in Virginia Beach, Virginia, with plans to launch in other cities this year.
The world's largest online retailer is working to crack the $800 billion market for U.S. groceries by popularizing delivery from Whole Foods stores, and now pickup. Cheaper than delivery, pickup has long been touted by far larger grocery companies Kroger Co. and Walmart Inc., which have been rolling out the service to thousands of stores.
Material from Bloomberg, Reuters and the Associated Press were used in this report.
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