Amazon (NASDAQ: AMZN) reported solid financial results for the first quarter on April 30. Revenue grew 13% over the year-ago quarter, and solid cost controls provided a massive boost to the company's profits.

After the report came out, Morgan Stanley analyst Brian Nowak maintained an overweight (buy) rating on the shares but increased the price target from $215 to $220, representing upside of 23% above the current share price.

Here's what's going right for Amazon, and why the stock could hit a new high in the next few years, if not sooner.

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Source Fool.com