Amazon may reach the $1 trillion market value milestone as it dominates new growth markets, according to a top Wall Street firm.

J.P. Morgan reiterated its overweight rating for Amazon shares, predicting strong growth for its internet advertising business.

"We believe Amazon has the potential to be a $1 trillion dollar company over time, as it remains early in the eCommerce & cloud secular shifts and in our view Amazon is investing in more major growth opportunities than any other company we cover," analyst Doug Anmuth wrote in a note to clients Wednesday.