NEW YORK (TheStreet) -- Amazon Web Services' (AWS) expansion into software through an online marketplace has driven Evercore Partners analyst Ken Sena to value AWS at $50 billion or $110 an Amazon share and raise his price target on Amazon (AMZN) - Get, Inc. Report to $450 from $400 with an "overweight" recommendation.

$50 billion is six times what Sena estimates Amazon Web Services will generate in revenue in 2015, about $8 billion.

After attending the massive AWS Reinvent developers conference last week and speaking to vendors, Sena concluded AWS bolstered the value of Amazon not only through its dominant infrastructure as a services share, but also through its Marketplace platform that closely follows its third-party retail business model allowing companies to use the platform to sell their software products. That AWS has more than five times the server capacity of its 14 largest peers renders the AWS Marketplace a particularly powerful channel of commerce that could see a "significant amount of software billings" through in the coming years, according to Sena. Platform usage has increased 700% so far this year.

"We view this Marketplace as an important source of growth and margin expansion for AWS as Amazon collects 20% on the software billings, similar to its third party retail business with virtually all of it dropping to its bottom line," he explained in a note.

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Sena sees AWS Marketplace's revenue contributions to AWS accelerate to 13% or $1 billion in the next two years and estimates that it now accounts for 5% of AWS revenues. Eventually the Marketplace will account for 40% of Sena's AWS valuation, Sena predicted.

-- Written by Andrea Tse