Amazon $AMZN could double in three years, according to Morgan Stanley $MS.

Analysts estimate that Amazon will grow earnings per share (EPS) at a 23% annual rate through 2028. Applying the historical average multiple the market has typically assigned to Amazon to that growth yields a target price of around $573 per share, roughly double today's price.

The math is simple: faster earnings growth plus the same valuation the market has historically given Amazon equals a higher stock price.

I hold Amazon as one of my largest positions, and this is exactly why. AWS is driving margins up, advertising is a highly profitable business, and the company is still growing faster than the market believes. The risk, however, is the same as with any projection – Amazon must actually deliver the 23% growth.

Do you believe it can?