Analyst Gene Munster of Piper Jaffray is one of, Inc. (NASDAQ:AMZN)’s biggest bulls, and he is also one of the top analysts rated who cover the stock. Today, Munster reiterated an Overweight rating on shares of Amazon, with a price target of $800, as he sees more value in Amazon-owned game-streaming firm Twitch.

Munster wrote, “While investors put little to no value on Twitch, we believe the company could be worth $5-$20B in five years, adding 2-8% to Amazon’s market cap. Amazon paid $1B for Twitch in 2014. At the Piper Jaffray Technology Symposium (March 7-8) a core theme was the growth of gaming spectatorship and eSport tournaments, which is dominated by Twitch. For context, in 2015 over 240B minutes (460K years) of livestream gaming was consumed on Twitch. Gaming spectatorship is here to stay and could become Amazon’s next largest endeavor as the company grows into an ESPN of gaming. Furthermore, Amazon can now develop its own games on AWS and promote them for free through Twitch to become a major game publisher.”

According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Gene Munster has a total average return of 17.3% and a 60% success rate. Munster has a 26.9% average return when recommending AMZN, and is ranked #6 out of 3700 analysts.

Out of the 46 analysts polled by TipRanks, 40 rate Amazon stock a Buy, while 6 rate the stock a Hold. With a return potential of 30%, the stock’s consensus target price stands at $736.31.