Amazon CEO Jeff Bezos, founder of space venture Blue Origin and owner of The Washington Post, participates in an event hosted by the Air Force Association September 19, 2018 in National Harbor, Maryland.

Amazon has a reputation for disrupting just about everything in its path. But it also brings massive benefits to labor markets where it sets up shop, according to new analysis from Morgan Stanley.

Negativity around "the Amazon effect" drove Morgan Stanley's analysts to look more closely at its real impact on the job market "beyond the negative headlines around the hollowing out of brick-and-mortar retail."

In cities with multiple Amazon fulfillment centers, the firm saw job creation "well above the national average" and found that the e-commerce giant has been "both a net job creator and a catalyst for stronger job growth."

"Amazon's positive impact on U.S. jobs, both at the national and local level, has more than offset potential cannibalization of brick-and-mortar retail employment," equity analyst Mark Savino said in a note to clients Tuesday.

E-commerce, of which Amazon dominates 30 percent, has more than doubled since 2010. But Morgan Stanley did see growth in other areas.

Last year as retail jobs in the United States shrank by 29,000, the transportation, warehousing, and utilities sector added 135,000 new jobs with average wages roughly 30 percent higher than in the lost retail jobs, according to Morgan Stanley.

Morgan Stanley has an overweight rating on Amazon.com and a $1,629.13 price target, which less than 1 percent below where the stock was trading on Tuesday. Share are up roughly 40 percent year over year.