Goldman Sachs says Amazon has a chance to become biggest company in the world. Does it have what it takes?

Goldman Sachs thinks Amazon will blow its rivals out of the water in 2022.

The investment bank said in a research note that it has placed the online retailer at the top of its “eternity dividend” league table, which ranks the best stocks to hold for the next 10 to 20 years.

Amazon emerged as the top pick, it said, because it has more than a decade’s worth of growth ahead of it in sectors from cloud computing to third-party software that it doesn’t own. The company will probably have its stock trading at more than $2,100 by 2022, Goldman predicts.

Other Wall Street firms are similarly bullish. This week, Bank of America Merrill Lynch said Amazon is set to outgrow all its competitors and become the world’s largest company. The U.S. investment bank has Amazon at $2,000 by 2022.

However, the company still has a long way to go before its stock reaches Goldman’s peak. The investment bank estimates that Amazon could be worth more than $1 trillion after 2023, though the stock currently trades around $1,200.

Other retailers, meanwhile, will struggle as Amazon pulls consumers away from malls and retailers who sell low-margin products, the bank said. It predicted that luxury retailer Ralph Lauren could be Amazon’s biggest threat, because consumers may want to avoid Amazon’s inventory expenses. But in a sign of its confidence, Goldman upgraded Ralph Lauren to a “buy” this week.

Beneath Amazon are several industry darlings, such as Microsoft, which occupies second place. It is also a “buy” for Goldman. Cloud computing will be “the biggest growth market in the next decade,” Goldman said.

Goldman stressed, however, that the online retailer has other problems on its plate, including an antitrust investigation in Europe. The company has also recently been questioned by the U.S. Congress about its treatment of workers.

Amazon is already the world’s biggest company in terms of revenue, and the most valuable after Apple, and it has been increasing its spending as its revenue growth stagnates. The company is spending billions building a series of warehouses to facilitate the growth of its Prime subscription service, buying businesses such as Whole Foods Market and it is investing heavily in new technology, such as voice-activated digital assistants.

It already sells its own products, like groceries, through third-party vendors. It will be interesting to see how well that effort works after Amazon bought Whole Foods.

If Goldman is right, Amazon could add more than $1 trillion to its market value by 2023.

Correction: The original story misstated how high Amazon’s stock could be trading after 2020. The market value currently tops $1,200.

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