Deutsche Bank analyst Lloyd Walmsley raised the firm's price target on Amazon.com (AMZN) to $4,000 from $3,333 and reiterates a Buy rating on the shares following last night's "blowout quarter."

The stock in premarket trading is up 6%, or $183.12, to $3,235.

In a post-earnings research note titled "2 Trillion reasons why we like Amazon shares," Walmsley says the quarter highlighted how Amazon "utterly dominates across two of the biggest secular trends of our lifetimes and what can happen to margins when the business is at more steady-state scale." The analyst notes his $4,000 price target values Amazon at over $2 trillion.