(FinancialPress) — Wall Street‘s enthusiasm for Amazon (AMZN) is showing – the hot tech stock got its most bullish price target yet – $1,500 after several analysts raised their forecasted pricings. This hinges on the experts‘ reliance on its capability to retain dominance over the retail and cloud computing markets.
“We continue to think Amazon is the best long-term growth story available to large-cap investors today,” wrote an MKM Partners‘ analyst on a Tuesday note.
D.A. Davidson gave the most bullish rise on price target – going from $1,300 to $1,500 – a 29% upside to Wednesday‘s close of the stock. Out of the 41 analysts who cover Amazon, his was the highest.
“We are focusing on the company’s physical store efforts as we believe its increased physical footprint (including 465 Whole Foods locations, around 10 book stores, and its strategic partnership with Kohl’s) is THE story of its 2017 holiday sales and an indication of things to come in the future as Amazon increasingly leverages physical stores to increase its revenue growth and wallet share,” analyst Tom Forte wrote in a note to clients Wednesday.
On a Thursday note, he wrote “We continue to think Amazon is the best long-term growth story available to large-cap investors today.“
Amazon has grown 5% this month, on the back of its e-commerce retail sales and its annual re:Invent conference, which focuses in cloud computing AWS. It will be held this week, in Las Vegas.
JPMorgan also kept its overweight rating on the company, mainly due to its head start on its Amazon Web Services cloud computing segment
Doug Anmuth, an analyst for the firm, wrote on a note to clients:“We believe a key competitive advantage is AWS’ seven-year head start, and accelerated feature launches as highlighted today make it tough for the competition to catch up in our view.“