Amazon shares will surge this year due to its expansion into new industries and countries, according to Deutsche Bank.

The firm raised its price target to $2,200 from $1,800 for Amazon shares, representing 21 percent upside to Thursday’s close. It is tied with two other firms as the highest target out of the 42 analysts who cover Amazon, according to FactSet. Deutsche Bank also reiterated its buy rating for Amazon shares.

“Amazon remains our top pick in large cap Internet, into the quarter, on a twelve month basis and long-term,” analyst Lloyd Walmsley said in a note to clients Thursday. “We recognize the concerns, however modest, regarding potential for higher near-term investment in fulfillment facilities, last mile delivery, international markets … these concerns are far outweighed by the large and expanding TAM [total addressable market] most recently with the acquisition of PillPack as well as the expansions into Brazil and Australia.”

The company’s stock was up slightly Friday after the report.

Amazon shares have rallied 55 percent this year through Thursday versus the S&P 500’s 5 percent gain.

The analyst cited the company’s successful Prime Day sales holiday this week, noting Amazon added more Prime members on Monday than any day in its history.

The company has “category leadership in Cloud where AWS continues to benefit from the ongoing secular shift despite signs of [on-premise] revival,” he said.

Amazon will report its second-quarter earnings results on July 26, according to its website.