Benchmark Sets New Street-High Target on Amazon (AMZN) at $246

An analyst at Benchmark boosted his price target on shares of Amazon.com (Nasdaq: AMZN) by about 16 percent from $212 to $246 Monday morning. The firm maintains a Buy rating on the stock.

The new target makes Benchmark the most bullish analyst on the Street. The firm's price target is now the Street-high price target. Citi formerly held that title, with a $240 price target.

Benchmark believes Amazon "could see 2Q11 revenue growth accelerate to 46% y/y as global ecommerce demand has remained strong in the face of recurring macroeconomic concerns. While heavy investment spending is expected to remain a drag on cash flow growth, we forecast Amazon may still show 10% y/y EBITDA growth in 2Q11 despite a difficult comparison with 56% y/y growth in 2Q10."

With Amazon.com shares trading down about 1 percent to $216 even this morning, Benchmark's new price target represents potential upside of about 14 percent.

Visit our Analyst Ratings page to track all the market-moving analyst action on shares of Amazon.com.

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