Amazon may reach the $1 trillion market value milestone as it dominates new growth markets, according to a top Wall Street firm.

J.P. Morgan reiterated its overweight rating for Amazon shares, predicting strong growth for its internet advertising business.

“We believe Amazon has the potential to be a $1 trillion dollar company over time, as it remains early in the eCommerce & cloud secular shifts and in our view Amazon is investing in more major growth opportunities than any other company we cover,” analyst Doug Anmuth wrote in a note to clients Wednesday.

Anmuth raised his price target for Amazon shares to $1,385 from $1,375. The new target is 11 percent higher than Tuesday’s closing price.

The analyst noted that the company only has 10 percent share of the U.S. online advertising market compared to its 42 percent share of e-commerce sales. Facebook and Google dominate the global online ad market outside of China, the note said.

“We believe advertisers and agencies would welcome a third scaled digital player,” he wrote. “Amazon is best positioned in our view, with its in-market customers, scale, strong access to data, shopping history, ability to close the loop, & leading market share in smart home speakers with Alexa/Echo.”

As a result, Anmuth predicts Amazon’s ad business will generate sales growth of more than 60 percent this year.