Following, Inc.’s (NASDAQ:AMZN) AWS event, Pacific Crest analyst Brent Bracelin weighed in on the stock. Bracelin is excited about the future of the company following the event, noting several key highlights.

Bracelin explains that, as government spending on Information Technology has skyrocketed to $70 billion in the last year, he sees a very lucrative vertical market for Amazon in the public sector. Successes with Amazon’s isolated host for sensitive information and regulated workloads, GovCloud, and additional contracts signed with the CIA keep the analyst’s ears perked when rating the company. He notes that AWS now swanks 2,300 government customers, a 15% increase from October’s number. The analyst clarifies, “A big reason for accelerating adoption of AWS in government is broader awareness of the benefits in agility, not just cost.”

The analyst also notes that IT services company, CSRA’s, case study on cloud computing exemplifies just how powerful and widespread this industry will be in the near future. He notes, “CSRA’s case study is a powerful example of how large enterprises are embracing public cloud, as a combination of AWS and SaaS, as an alternative to on-premise infrastructure.”

Lastly, Bracelin hails the frenzied pace at which AWS’s Aurora cloud database is growing, and notes that, although the service is still relatively small, roughly 7,000 databases have already transferred to the service since the beginning of the year. The analyst reports that AWS is also seeing an additional $1 billion of incremental cloud revenue per quarter, something he chalks up as “being the equivalent of building an Oracle Cloud every six months.”

The analyst reiterated his Overweight rating for AMZN with a price target of $820.

According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Brent Bracelin has a yearly average return of -4.5% and a 42% success rate. Bracelin has a 9.5% average return when recommending AMZN, and is ranked #3421 out of 3967 analysts.

TipRanks statistics shows 91% of analysts boasting a Buy rating for AMZN, while the remaining 9% maintain a Hold rating for the stock. The consensus price target for Amazon is $815.77, marking a 17.99% upside from current prices.Screen Shot 06-28-16 at 10.52 AM