Inc. shares can hit the $3,000-mark within the next two to three years, about 65% 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 $3,000 mark, its market capitalization would be around $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 $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 $2,231, which is a touch higher than Piper Jaffray’s $2,225 price target.

This article was provided by Bloomberg News.