Jeff Bezos, founder and chief executive officer of Amazon.com Inc., speaks during a discussion at the Air Force Association's Air, Space and Cyber Conference in National Harbor, Maryland, U.S., on Wednesday, Sept. 19, 2018.

Amazon shares could surge to $3,000, or $1.46 trillion in market value, by 2020, driven largely in part by strong growth in the company's Prime, cloud and advertising businesses, an analyst at Jefferies suggested Tuesday.

Analyst Brent Thill said in a note that Amazon's core retail business is seeing momentum accelerate driven by its Prime service and "best-in-class fulfillment capabilities," while Amazon Web Services has become the "de facto standard for public cloud." Advertising, meanwhile, continues to drive higher margins and expand the company's already massive total addressable market.

"In our view, many of its embedded growth opportunities are underappreciated," Thill said. "AWS, advertising, and subscription are all growing ~2 times faster than the core and are more profitable. We estimate conservatively these businesses will be on a combined $115B+ run rate by 2021, just over a quarter of total revenue, but close to half of Amazon's value."