Deutsche Bank has named Amazon.com Inc. (AMZN) its top choice among internet stocks because of its expansion into new markets.

“Amazon remains our top pick in large cap internet into the quarter, on a 12-month basis and long-term,” analyst Lloyd Walmsley said in a note. “We recognize the concerns, however modest, regarding potential for higher near-term investment in fulfillment facilities, last mile delivery, international markets … these concerns are far outweighed by the large and expanding TAM [total addressable market] most recently with the acquisition of PillPack as well as the expansions into Brazil and Australia.”

Deutsche Bank reiterated a Buy rating and raised its price target on Amazon shares to $2,200 per share from $1,800, a roughly 20% upside to Amazon’s trading price Friday of near $1,812.97. (See also: Could Amazon Be Gearing Up to Accept Bitcoin?)

Amazon Prime Day Results

Deutsche Bank noted Amazon’s success in its Prime Day sales event this week, when it added more new members in one day than at any other time in its history.

The internet retail giant said it sold more than 100 million products during the 36-hour event, and that small- and medium-sized businesses made $1 billion in sales. Total Prime Day sales, which Amazon does not detail, topped its sales on Cyber Monday and Black Friday as well as the previous Prime Day. (See also: Amazon Made More than $4 Billion on Prime Day: Wedbush.)

Amazon is scheduled to report second-quarter earnings on July 26. So far this year, its shares have rallied 55% whereas the S&P 500 has gained 5%.

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