Amazon.com (AMZN) Closing In On Its 52-Week High

Today, Amazon.com (Nasdaq: AMZN) is trading just above $88, nearing its 52-week high of $94.40. Many wrote Amazon.com off several months ago, saying it was overvalued as consumers would tighten their belts, thus hurting AMZN's growth and margins.

Earlier today, Bank of America/Merrill Lynch upgraded Amazon.com from Neutral to Buy with a price target of $103, which is 17% higher than today's price.

Amazon has become the go to place for consumers looking to shop online and because of that B of A believes Amazon will only continue to grow and perhaps take market share.

While over the long-term, there could be competitive margin pressure, the analyst said Amazon’s customer, distribution and technology advantage position the company well.

Sign up at EasyStockAlerts.com To Be Alerted To Your Stock News!

You May Also Be Interested In

• Bank of America names Chip McLeod upstate South Carolina president
• BofA cuts S&P 500 target to 7100, cites rising market risks, "Take Profits"
• ArcBest Corp (ARCB) PT Raised to $160 at BofA Securities