Amazon.com, Inc.’s (NASDAQ:AMZN) $13.7 billion acquisition of Whole Foods Market (NASDAQ:WFM), the biggest deal Amazon has ever made, will give the retail giant a much bigger presence in physical retail, including nearly 450 stores across the US.

Piper Jaffray estimates there is a WFM within 20 miles of 59% of the US. Much of Amazon’s existing footprint overlaps with the WFM footprint – Amazon uniquely addresses 4% of the US population and addresses 46% of the US population, including areas also covered by WFM. Combined, Amazon and WFM reach 63% of the US.

Piper Jaffray’s top analyst Michael Olson stated, “Our data analytics team analyzed the reach of the Amazon + WFM footprint, suggesting the combined footprint is within 20 miles of 63% of the US population, up from 46% without WFM. Within this reach, it is clear WFM is getting Amazon more locations within highly trafficked areas, with the population reach within 5 miles increasing from 12% to 30%. This reaffirms our belief that the WFM deal is additive to Amazon’s go-to-market strategy for in-store, click-and-collect, and delivery based grocery sales – we continue to believe Amazon will be positioned to roll out delivery to the majority of its initial target demographic (upper income households) within 18 months.”

Olson reiterates an Overweight rating on shares of Amazon, with a price target of $1200, which implies an upside of 23% from current levels.

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Michael Olson has a yearly average return of 16.1% and a 66% success rate. Olson has a 14.7% average return when recommending AMZN, and is ranked #75 out of 4588 analysts.

Out of the 41 analysts polled in the past 12 months, 38 rate Amazon stock a Buy, while 3 rate the stock a Hold. With a return potential of 12%, the stock’s consensus target price stands at $1091.54.