Amazon is the “best long-term growth story available to investors today.” But don’t expect the company to generate meaningful profits anytime soon.

That’s according to MKM Partners managing director Rob Sanderson who, on Tuesday, raised his price target on the online giant’s stock to $1,275 per share, up from $1,095.

“We think investors will continue to be supportive of aggressive spending because: (1) retail and computing end-markets are massive and still appear untapped, (2) Amazon has dominant position as a disruptor, (3) the reallocation of value in these ecosystems to Amazon’s favor is…