Amazon.com (AMZN) PT Raised to 'Street High' $3,500 at Monness, Crespi, Hardt

Monness, Crespi, Hardt analyst Brian White raised the price target on Amazon.com (NASDAQ: AMZN) to a 'Street High' $3,500.00 (from $2,800.00) while maintaining a Buy rating.

The analyst commented, "We believe the recent expansion of this COVID-19 crisis across a larger swath of the U.S. has thrown the market a curveball and we doubt it will be the last surprise as this “invisible enemy” ravages the planet in the most nefarious and unpredictable of ways. In this new reality, we believe Amazon holds the key capabilities, vast global infrastructure and financial strength necessary to support the needs of people and organizations around the world, while also positioning the company as a major beneficiary of accelerated digital transformation that we expect will be ushered in with the aftermath of this pandemic, driving greater use of ecommerce, the cloud and emerging tech. Also, Amazon continues to invest in next-gen tech to expand its reach as evidenced by last week’s agreement to acquire Zoox in the world of autonomous vehicles. Given the expansion of this crisis and Amazon’s unique position, we are raising our 12-month price target to $3,500 from $2,800."

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