Amazon could see more upside ahead, some strategists say, following a first quarter in which Amazon shares gained 18 percent and logged eight all-time highs, including on Friday.



Amazon's potential for expansion in the consumer and grocery delivery services will drive the e-commerce giant's growth in years to come, said David Seaburg, head of sales trading at Cowen & Co.



"The growth in grocery, in our opinion, is really going to drive the growth of the company for the next five years," Seaburg said Friday on CNBC's "Trading Nation."

The U.S. food and beverage segment holds the biggest potential for revenue growth, Seaburg said.

Cowen & Co. analyst John Blackledge places a $1,050 price target on the stock, an 18 percent gain from Friday's closing price of $886.54. Seaburg said that may even be "a little conservative."

Analysts' average rating for Amazon is buy , with an average price target of $956.88 — 8 percent above Friday's closing.

Susquehanna analyst Shyam Patil's price target of $1,250 is the most bullish, according to FactSet.