Amazon's Cloud Services Could Add $1 Billion To Revenue, Says Pacific Crest

The event clearly showcased AWS's "sustaining momentum within large enterprises," Bracelin said. He then went on to stated the following companies illustrate that very point:

• Johnson & Johnson JNJ
• General Electric Company GE
• CapitalOne Financial Corp. COF
• Royal Dutch Sell plc (ADR) (NYSE: RDS-A)
• Netflix, Inc. NFLX
• Adobe Systems Incorporated ADBE
• Dow Jones Industrial Average 2 Minute (INDEX: .DJI)

Related Link: Amazon Prime Day Recorded 50% Year-Over-Year Order Growth Across Multiple Metrics

New Initiatives

Amazon outlined the best practices on hybrid cloud systems as a stepping stone into the public cloud, according to Bracelin. One notable new initiative included adding a new data migration service for Teradata Corporation TDC and Oracle Corporation ORCL's data warehouse environments.

"Bottom line: the overall tone and conversations with third-party partners confirmed that cloud demand trends for AWS remain robust," stated the Pacific Crest analyst. The feedback further supported Bracelin's $1 billion annual increase in revenue for AWS.

The analyst maintains his Overweight rating and $820.00 price target.

At time of writing, Amazon was up 0.50 percent on the day at $746.67.