Amazon (AMZN) Gains on Weekend/Cyber Monday Sales and PT Hike at Barclays

Amazon.com (NASDAQ: AMZN) is solidly higher today (+1.5%). In addition to positive data on Thanksgiving Weekend and Cyber Monday sales, a price target hike from Barclays is also helping.

Barclays Internet analyst Paul Vogel reiterated an Overweight rating and boosted his price target to $850 (from $700).

Vogel also recommends continuing to own large cap Internet, including the FANGs [Facebook (up 35% YTD), Amazon (up 117%), Netflix (up 157%) and Google (up 46%) versus NDAQ (up 24%)], although they are on the sidelines with Netflix.

Vogel believes the stocks will continue to work in 2016. Vogel commented: "We understand they are widely owned at this point, most of the Street is bullish (sell-side, long-only and hedge funds) and expectations continue to move higher. That being said, we expect fundamentals to remain strong into 2016, with potential upside for many of the names relative to published estimates. Given growth rates and trends, we don't see valuation as that stretched for any of the big three."

For an analyst ratings summary and ratings history on Amazon.com click here. For more ratings news on Amazon.com click here.

Shares of Amazon.com closed at $664.80 yesterday.

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