Canaccord Genuity named Amazon king of the most revered tech stocks, while raising its cost target on the e-commerce giant.
The stock rose to a record on Thursday following the note, up 1 percent on the day.
“Amazon’s rapidly growing scale of investment is actually strengthening long-term competitive barriers, in addition to This kind of includes a robust outlook for Prime subscription growth,” Canaccord analysts Michael Graham in addition to Austin Moldow wrote in a note Thursday.
“We continue to see Amazon as having the most robust in addition to durable growth outlook from the group” known as FANG, Canaccord said, referring to Facebook, Amazon, Netflix in addition to Google-parent Alphabet.
Amazon shares closed Wednesday trading at $1,755 per share, up 50 percent This kind of year. Canaccord bumped its cost target to $2,000 per share through $1,800 per share, as the firm expects Jeff Bezos’ company to report stronger revenue than Canaccord previously estimated.
“We think our revenue estimate of 38 percent could end up being conservative. This kind of would likely be a 4.5 point sequential deceleration after a few quarters of acceleration,” the analysts wrote.
Amazon is actually anticipated to report quarterly earnings on July 26.