If Amazon were putting together a shopping list, one long-time tech analyst has a couple idea about what companies it might want to buy.

Loup Ventures managing partner Gene Munster told Cheddar this week that, despite one report that Apple could be interested in Netflix, the video-streaming service is a much more likely acquisition candidate for Amazon.

“Part of the reason is that Apple just doesn’t do big acquisitions,” he said. On the other hand, “it does line up with this commentary that [Amazon CEO Jeff] Bezos has had that the next leg of the Amazon story is content. And Netflix would be a great way to accelerate that.”

But the e-commerce giant’s bigger target may be...well...Target.

“It’s easy to think that Amazon is exclusively an online player,” Munster said. But even besides its $13 billion deal for Whole Foods, “they’re testing their Amazon Go store, which is basically an automated offline. You see that Amazon sees a future where it’s mostly online with some offline.”

For full interview click here.