(Updated - June 26, 2020 7:17 AM EDT)

SunTrust analyst Youssef Squali raised the price target on Amazon.com (NASDAQ: AMZN) to 'Street High' $3,400.00 (from $2,700.00) while maintaining a Buy rating following a proprietary ecommerce survey which showed that COVID-19 was watershed moment for ecommerce, with Amazon the big winner.

The firm cited:

1) COVID-19 catalyzed a faster transition to ecommerce, which we believe is here to stay;

2) AMZN acquired brand-new customers to the platform, and who are likely to stick;

3) AMZN's NPS is the best amongst peers, with the vast majority of customers expecting to at least sustain, if not increase their purchase frequency post pandemic.

The firm's survey of 580 respondents across the U.S. showed that almost 20% of respondents said that the March-Present period was the first time they purchased a physical good online (precipitated by COVID-19). These new users are likely sticking around. 46% of respondents said they will purchase online MORE frequently after COVID-19, and as impressive, another 46% said their purchase frequency will not change after COVID-19, the analyst notes.

Further, Amazon was the stickiest - 96% of these customers said they expect to purchase from Amazon after COVID-19.

In addition to new customers, current customers are expected to remain loyal and increase spend with Amazon. 56% of these customers said their purchase frequency with Amazon after COVID will not change, 36% said they will purchase more frequently after COVID, and just 9% said they will purchase less frequently after COVID.