Action Alerts Plus holding Amazon.com, Inc. (AMZN) is on the radar screen for a number of investors, each eying a big breakout over the $1,500 level.

Can Amazon stock do it? Shares briefly cracked $1,500 on Wednesday, but couldn't sustain the gains as the overall market pulled back. But a possible breakout isn't the only thing that's got shares moving higher on the day.

Rob Sanderson of MKM Partners bumped his price target to $1,750 from $1,350, an increase of $400 per share or almost 30%. The new target implies more than 17% upside following Wednesday's rally. Shares ultimately ended higher by 0.99% at $1,482.92. 

The company's most recent quarter (Q4) showed an impressive "demonstration of strength" in Sanderson's eyes. Further, the new tax code should be a long-term tailwind for the e-commerce conglomerate.

Founder and CEO Jeff Bezos
Founder and CEO Jeff Bezos

Amazon has always had a very patient investor base. Rather than demanding an increase in earnings and asking the company (via punishing the stock) to stop investing so much in its business, they trust in founder and CEO Jeff Bezos to lead the company to even further success.

Because of this patience, Amazon stock has been able to flourish -- rising almost 2,000% over the past decade -- without showing very much in the way of earnings. Many companies cannot get away with this tactic. While investors demand growth out of companies like Apple (AAPL) and Alphabet (GOOGL) , they also churn out billions in profit per year.

Even a company like Walmart (WMT) is having trouble balancing e-commerce growth and profits, with its stock falling 12% over the past two days following earnings.

That said, Sanderson contends that investors will "continue to support the company's ongoing investment spending as its competitive moat and tackling of adjacent opportunities such as advertising is becoming more obvious."

Further, he concludes that Amazon has the best growth prospects over the long term vs. its large-cap peers.

Amazon, Apple and Alphabet are holdings in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells AMZN, AAPL or GOOGL? Learn more now.

This article is commentary by an independent contributor. At the time of publication, the author had no positions in the stocks mentioned.

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