Shares of, Inc. (AMZN) - Get Report were trading lower in Monday's premarket session, but have since found positive territory after Morgan Stanley analysts called for a $1 trillion market cap.

This is their target for 2022, TheStreet's Jim Cramer pointed out on CNBC's "Mad Dash" segment. Further, they are assigning a $600 billion valuation to Amazon's online business, a "conservative" $270 billion value to Amazon Web Services, $70 billion for Prime and $55 billion to Amazon's ad business.

The valuation for Amazon Web Services seems too low, Cramer reasoned, adding that after its latest visit to California, the talk was of AWS being one of the most valuable properties in technology, which is "rather amazing."

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Web services are the "best businesses in the world right now," he continued. Amazon and Alphabet's (GOOGL) - Get Report Google Web Services are great, but they need the analytical power of Salesforce (CRM) - Get Report for customers. Microsoft (MSFT) - Get Report also has a great web services business, he said, but it doesn't need Salesforce for analytics.

Microsoft is a "vicious competitor" to all three, said Cramer, who also manages the Action Alerts PLUS charitable trust portfolio.

Amazon is the leader by market share, followed by Microsoft and then Alphabet. That could ultimately justify a higher valuation for AWS in the future. Assuming no share count change and a $1 trillion market cap, that puts Amazon stock price north of $2,000, almost double today's prices.

By midday Monday, Amazon stock was solidly in the green. However, around 3:15 ET, Amazon began an abrupt selloff and ended the session higher by just 0.34%, closing at $1,129.17. 

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