E-commerce and cloud computing behemoth Amazon.com Inc. (AMZN) will make its next major push into the “large and disruptable” retail pharmacy industry—just because it can, suggests Wall Street investment firm Bernstein.

In a research note Thursday, Bernstein analyst Lance Williams wrote that the Seattle-based online retail giant is well positioned to address and impact the major customer issues in the pharma-retail market. He foresees Amazon partnering with or acquiring a pharmacy benefit manager (PBM) in efforts to drive volume growth. (See also: Amazon Will Be Top Retailer, Tech Co. by 2025: MKM.)

Who Falls Next?

Bernstein’s note comes amid a busy time for Amazon, as the company debuts a handful of new products and enhanced capabilities for its existing ones. Earlier this year, the firm shook the market with its $13.7 billion buyout of organic food grocer Whole Foods Market Inc. (WFM), sending shares of traditional retailers such as Kroger Co. (KR) on a nasty downward spiral, having lost almost 18% since the deal was announced in mid June.

Wilkes indicates that Amazon’s entrance into pharmacy is much like its decision to combine its e-commerce expertise with brick-and-mortar grocery, also an industry ripe for disruption. The analyst argues that the addressable market in pharmacy for Amazon nears $300 billion. Given the strength of Amazon’s brand and user interface, Wilkes doesn’t see the firm struggling to gain traction. As an estimated 70% of prescriptions head online, the firm should also benefit as the go-to platform for customers seeking convenience.

As for non-Amazon investors, Williams warns on downside risk facing CVS Health Corp. (CVS), Walgreens Boots Alliance Inc. (WBA), Rite Aid Corp. (RAD) and Realty Income Corp. (O), the REIT landlord to many of the pharma-retail leaders. (See also: Amazon Gets Its Most Bullish Call Yet—a $1,400 PT.)

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