Carlos Kirjner of Sanford Bernstein Co., has given Amazon’s stock price a massive price target increase today. In fact, it’s a whopping a 47% from the $679 Amazon closed at on Monday when he set it $1,000 today.

Amazon.com, Inc. Stock PT Raised To $1000 By Bernstein

Amazon consensus price is $809

Today, Amazon added an additional 3.46% to its share price gaining $23.49 to close the day at $703.24.

That seems the norm recently, so the real news is this massive boost that Kirjner added to his price target. The note to investors essentially called Bernstein’s own target price of $770 “shocking low” but the note points out that many have it well undervalued.

“Amazon does not trade anywhere near what we think it is worth on a fundamental basis,” the Bernstein note said. “We are bullish in the short, medium, and long term and think we may see margins expand much faster than they have in the next two years than they have in the last two.”

“We think Amazon’s businesses are now so large, fast-growing, and profitable that it is harder and harder for the company to find new areas of investment to keep up with the growth in gross profits,” he wrote. “[T]ime is on the side of margin expansion,” Kirjner added in his note.

“[W]e are bullish in the short, medium, and long term and think we may see margins expand much faster than they have in the next two years than they have in the last two. … We think consensus estimates are shockingly low in the next 2-3 quarters and even lower 4-6 quarters out.”

Others set to follow in price target rise?

Sequehanna and Deutsch Bank have a price target on Amazon at $900, with the second highest price target now that Bernstein has raised its to $1000 is J.P. Morgan Chase and Co. analyst, Douglas Anmuth, with his set at $915.

Last week, venture capitalist Chamath Palihapitiya of Social Capital told those attending the Sohn Investment Conference that he sees Amazon as a three trillion dollar company in ten years time. That’s a massive statement given that Amazon’s market cap is somewhere around $323 billion after its gains today.

“This is a story that’s just beginning,” said Palihapitiya following his announcement last week.