Cowen analyst John Blackledge raised the price target on Amazon.com (NASDAQ: AMZN) to a 'Street High' $3,700.00 (from $2,750.00) while maintaining a Outperform rating.

The analyst commented, "We expect strong 2Q20 results with Rev. & Op. Inc. above high end of guide range. Key rev drivers include AWS, Adv., Subscription, & accelerating eCom growth (+29% y/y vs. +17% y/y in 2Q19) given cont'd COVID-19 demand surge. Our 2Q20 Op. Inc. forecast is driven by AWS, Ad biz & 3P mix shift offset by COVID investments. We raised est & rolled forward DCF to '21, PT to $3,700; Reiterate Outperform."