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Amazon shares will reach $3,000 in 2 years without the company really trying, Piper Jaffray says

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'We have a high degree of confidence that AMZN shares can reach this level with no major acquisitions or other significant changes to the business.'

Founder, Chairman, CEO and President of Amazon Jeff Bezos gives a thumbs up as he speaks during an event about Blue Origin's space exploration plans in Washington, U.S., May 9, 2019.Amazon shares will rally to $3,000 in about two years, making them worth nearly $1.5 trillion, without the company doing much differently than it is doing today, Piper Jaffray told clients on Friday.

Olson also noted that he's assuming decelerating growth in all major Amazon business lines and applying conservative multiples and still comes to this eye-popping conclusion. Using a sum-of-the-parts analysis, the analyst finds the retail side of Amazon's business is cheap.

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