As Seattle-based retail behemoth Inc. (AMZN) pushes into diverse businesses such as grocery, prescription drugs and on-demand video streaming, one team of bulls on the Street says the company is still only pursuing eight of 10 market opportunities that exceed $1 trillion globally. (See also: Amazon Will Be Next to Hit $1T: VC Vet Ann Winblad.)

According to analysts at D.A. Davidson, the e-commerce giant could gain significantly if it enters the gas station and travel industries. Analyst Tom Forte wrote a note to clients Tuesday reiterating his buy rating on Amazon stock, writing that the firm "has a history of solving complex logistical problems. Financially, it seeks opportunities that can generate significant free cash flow."

Shares of CEO Jeff Bezos' "everything store" are up nearly 60% year-to-date (YTD) compared to the S&P 500's 6.9% gain over the same period. While FAANG peer Apple Inc. (AAPL) just blew past the $1 trillion mark on better-than-expected earnings results, many see Amazon as the next to pass the threshold with another $100 billion in market value on new growth markets and continued strength in online commerce. Forte's 12- to 18-month price target for AMZN stock at $2,200 reflects an approximate 18% upside from Tuesday close at $1,862.48. 

What to Sell Next?

The Davidson analysts indicated that Amazon already has footings in apparel, pharmacy, consumer Internet of Things (IoT), restaurants, stores and grocery. Analysts wrote that Amazon could follow the footsteps of Costco Wholesale Corp. (COST), which generates more than 10% of its sales from its gas stations. Forte noted that Prime members could receive discounts at Amazon's growing physical store locations, adding gas stations to its Whole Foods locations and bookstores, as well as receive travel deals on vacation packages, hotels, cruises and rental cars. 

"Amazon could sell consumers not only the airline tickets and hotel accommodations but also everything they need for their trip," wrote the Davidson team. Costco also offers its customers travel deals though its Costco Travel business. (See also: How Jeff Bezos Became the World's Richest Man.)