Amazon's (AMZN) Price Target Raised to $1000 at Cantor Fitzgerald
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(Updated - October 12, 2016 10:09 AM EDT)
Cantor Fitzgerald maintained a Buy rating on Amazon.com (NASDAQ: AMZN) and raised its price target to $1,000.00 (from $835.00). Analyst Youssef Squali thinks e-commerce is reaching a "tipping point."
Squali explained, "We believe we're reaching a tipping point in e-commerce, with revenue growth in the US accelerating Y/Y in the first 9 months of 2016. This trend is playing into the hands of market leader Amazon, given Prime’s growing user base, everimproving value proposition, and AMZN’s growing share of retail searches online (at the expense of search engines). We expect AWS’s strong economics to continue to fund growth initiatives at Amazon, widening its competitive moat in retail. While the stock does not look cheap on 2017 ests, we believe investors need to take a longerterm view - i.e., as long as AMZN continues to gain share in this $10T+ market and shows steady margin improvements, the stock should continue to grind higher."
Shares of Amazon.com closed at $831.00 yesterday.
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