Oppenheimer’s Jason Helfstein is out with a report this morning, hiking his price target on AMZN stock to $930 from $780. The analyst’s view on the e-commerce giant is based “[f]ollowing very bullish checks” on growing profits in cloud computing services. In addition, the analyst suggests that Amazon’s Web Services [AWS] is even more efficient than previously expected, leading to an upward revision of the company’s AWS estimates. Helfstein maintained an ‘Outperform’ rating.
Amazon.com, Inc. (AMZN) shares have risen more than 70% year-over-year and are continuing their upward trend. Despite the run-up in the share price, security analysts rate the stock a ‘Buy’. Currently ticker boasts 33 ‘Buy’ endorsements, compared to 5 ‘Holds’ and no ‘Sell’. The median Wall Street price target on AMZN stock is $800 with a high target of $1,000.
Amazon.com Inc. recently traded at $726.73, 0.18% higher over Monday’s closing price. The name has a current market capitalization of $342.89 billion.