Global e-commerce and cloud computing giant Inc. (AMZN) continues to dominate Street sentiment, taking bites of traditional retailers as its stock continues its rally to the $1,000 mark. While headlines have buzzed this year in regard to Amazon’s push into the brick-and-mortar space with its $13.7 billion acquisition of Whole Foods Market, one team of analysts expects more upside from the Seattle-based retailer’s growing private-label business. (See also: Amazon—Not Apple—Will Be First $1T Co.: NYU Prof.)

Morgan Stanley equity analyst Brian Nowak issued a research note Tuesday indicating that Amazon’s 34 brands will serve as an increasingly integral part of profits, potentially accounting for 5% of retail sales and contributing $1 billion to its bottom line by 2019.

An ‘Increasingly Important’ Focus

The retail giant has been selling its own brands since 2009, when it debuted the AmazonBasics private-label line to primarily sell electronics. Now the firm sells everything from sheets to luggage across nine product categories, with its recent Whole Foods purchase adding the organic grocery chain’s 365 brand to the list.

“It’s still early,” wrote Nowak, highlighting that as other major retailers generate around 18% of their revenue from in-house brands, Amazon only receives just 0.15% of its global sales from its private label business. The analyst suggests that as more and more hinges on Amazon’s gross profit dollars, it is increasingly important to focus on drivers of gross profits, including advertising, subscriptions, services and, now, private label.

“A deepening gross profit pool gives Amazon more dollars to invest and (eventually) allow to flow down the [profit & loss] for shareholders,” wrote the Morgan Stanley analyst. “Private label is likely to be the next driver.” (See also: Amazon Gets Its Most Bullish Call Yet—a $1,400 PT.)

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