RBC Capital analyst Mark Mahaney thinks Amazon (NASDAQ: AMZN) Marketing Services (AMS) could be the next Amazon Web Services (AWS).

Mahaney estimates that the company will generate over $25 billion in annual ad revenue and over $8 billion in incremental operating profit by 2022 from ads. This would make Amazon third largest global advertising platform (outside of China), behind only Google and Facebook.

The analyst believes this creates a reasonable path to long-term upside to Street estimates and, more importantly, sustainably robust EPS growth.

The analyst maintained an Outperform rating and price target of $1,900 on AMZN.

For an analyst ratings summary and ratings history on Amazon.com click here. For more ratings news on Amazon.com click here.

Shares of Amazon.com closed at $1715.67 yesterday.