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Amazon Receives Price-Target Boost As Confidence In Growth Mounts

Amazon Receives Price-Target Boost As Confidence In Growth Mounts
09 Jan 2018 (AMZN) received a price-target increase Monday on confidence it can generate continued strong growth in e-commerce, cloud services, online media and logistics.

Baird analyst Colin Sebastian raised his price target on Amazon to 1,310 from 1,100 and maintained a rating of outperform.

“Our analysis of Amazon’s fourth-quarter product selection seems to suggest stronger holiday sales, which combined with positive e-commerce data towards the end of December, provides some added confidence in our above-consensus fourth-quarter revenue estimate,” Sebastian wrote in a research note to clients.

Amazon recently touted its biggest holiday selling season ever, as it continues to grow quarterly sales at a double-digit rate.

Amazon shares climbed 1.4% to close at 1,246.87 on the stock market today, hitting a new high.

IBD’S TAKE: Amazon is a longtime member of IBD’s exclusive list of Leaderboard stocks, which investors can use to track stocks and stay a step ahead of the market. The latest breakout last week was from a shallow flat base, with the stock currently in buy range. IBD’s The Big Picture can also help you stay on top of the market direction, informing you when to be aggressive and when to move to the sidelines.

Amazon has significant momentum heading into 2018 and could beat fourth-quarter revenue estimates if the expectations of a Wall Street analyst prove accurate.

Amazon reported third-quarter results on Oct. 26 that crushed earnings views and topped revenue estimates as shares took off. For the fourth quarter, Amazon said it expects revenue in the range of $56 billion to $60.5 billion, implying growth of 28% to 38% from the year-ago quarter.

Source: Investor’s business daily