Amazon shares get boost from upbeat analyst price targets

Amazon shares opened higher Thursday as investors remain upbeat on numerous, bullish analyst price targets.

Amazon shares get boost from upbeat analyst price targets

Amazon shares opened higher Thursday, as investors remain upbeat on numerous, bullish analyst price targets.

By 1600 BST, Amazon shares were 1.21% higher at $1,174.46. Amazon shares ended in the red, Wednesday.

Multiple analysts raise price targets

The positive start to Thursday’s trading session for the tech giant, likely follows news that a number of different analysts have become more upbeat on the future potential of the business.

Goldman Sachs analyst Heath Terry sent out his glad tidings, Tuesday.

"We continue to believe Amazon’s pace of innovation, increasing pricing flexibility, and an aging corporate technology base, will drive the ongoing shift of workloads into the cloud,” Terry said in a research note. “We remain Buy-rated (CL) and raise our 12-month price target to $1,450 from $1,300."

D.A. Davidson was also an Amazon fan this week, reiterating its buy rating for Amazon to $1,500 per share from $1,3000.

"We are focusing on the company's physical store efforts as we believe its increased physical footprint (including 465 Whole Foods locations, around 10 book stores, and its strategic partnership with Kohl's) is THE story of its 2017 holiday sales and an indication of things to come in the future as Amazon increasingly leverages physical stores to increase its revenue growth and wallet share," D.A. Davidson analyst Tom Forte wrote in a note to clients Wednesday.

That’s not all

And there’s still more love for the Amazon juggernaut.

Rob Sanderson, Amazon analyst at MKM Partners, also refreshed his buy rating on Amazon shares and raised his price target. Albeit to a more modest $1,350 from a previous $1,275.

"We continue to think Amazon is the best long-term growth story available to large-cap investors today," he wrote Thursday.

J.P. Morgan was also positive, reiterating an overweight rating, based on its Amazon Web Services cloud computing arm.

It appears that Amazon is the analysts darling right now as it’s re:Invent’ AWS conference continues in Las Vegas.

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