In a research report published yesterday, Piper Jaffray analyst Gene Munster reiterated an Overweight rating on shares of, Inc. (NASDAQ:AMZN) with a price target of $650, which implies an upside of 22% from current levels. Amazon shares are currently trading at $536.90, down $11.49 or -2.10%.

Munster noted, “Prime Now (Amazon’s same hour offering), which has rolled out to 12 new metro areas in the past six months (13 in total, 2 of which are in the UK) with an average of 23K items available for order. Same-day shipping has rolled out to 7 new metro areas over the past year (14 in total) and have increased the average same day SKUs available by 65% y/ y (1.3M in Aug-14 to 2.2M in Sep-15). We believe same-day and one-hour delivery are powerful competitive initiatives and can fundamentally change retail shopping to online. We believe growth of Prime Now and same day will keep unit growth between 15-20% over the next couple of years (22% in Jun-15).”

According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Gene Munster has a total average return of 21.6% and a 62.5% success rate. Munster has a 33.0% average return when recommending AMZN, and is ranked #6 out of 3768 analysts.

Out of the 43 analysts polled by TipRanks, 36 rate Amazon stock a Buy, while 7 rate the stock a Hold. With a return potential of 10%, the stock’s consensus target price stands at $585.22.

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