Amazon.com Inc. (AMZN.O) shares can hit the US$3,000-mark within the next two to three years, about 65 per cent above where the stock is trading now, according to analysts at Piper Jaffray.

“We have a high degree of confidence that Amazon shares can reach this level with no major acquisitions or other significant changes to the business,” analysts Michael J Olson and Yung Kim wrote in a note. Spinning off the rapidly growing Amazon Web Services (AWS) cloud business would help to highlight the relatively low valuation placed on Amazon’s other businesses, they said. If Amazon hit that US$3,000 mark, its market capitalization would be around US$1.47 trillion.

If you strip out AWS, Amazon’s core retail business trades at a valuation below that of traditional bricks-and-mortar retailers. When valued like other e-commerce rivals, the company’s retail operations imply a potential upside of US$500 billion, the analysts said.

Bullishness is a common trait among Amazon analysts. The company has 49 buy ratings, according to data compiled by Bloomberg, with only one hold and one sell. The average 12-month price target is US$2,231, which is a touch higher than Piper Jaffray’s US$2,225 price target.