Jefferies analyst Brent Thill raised his price target for Amazon.com (AMZN) to $2,350 from $2,185 while publishing a 45-page deep dive on the company. A sum-of-the-parts analysis suggests greater than 50% upside to potential value of $3,000 by 2020, Thill tells investors in a research note. The stock closed yesterday up $19.35, or 1%, to $1,934.36.

The analyst believes the stock is undervalued despite being one of the best performing Internet names year-to-date at up over 60%. Many of Amazon’s embedded growth opportunities are underappreciated and the optionality from new initiatives is not reflected in the current valuation, Thill contends. His “relatively conservative” sum-of-the-parts analysis, based on 2021 revenue, yields over 50% upside from current levels to $3,000 in two years. And this does not include any upside from nascent businesses such as healthcare, smart-home devices, home security, entertainment, grocery, and office supplies, Thill points out.

He keeps a Buy rating on shares of Amazon.