E-commerce leader Amazon ( AMZN ) announced a slew of new products and services at its annual cloud computing conference this week and also received its highest price target hike ever.
[ibd-display-video id=2994904 width=50 float=left autostart=true] D.A. Davidson analyst Tom Forte on Thursday raised his price target on Amazon to 1,500 from 1,300, a new Wall Street high target and a 29% premium from where the stock currently trades.
Forte focused on Amazon's growing physical footprint through its acquisition of Whole Foods, its partnership with Kohl's ( KSS ) and 10 bookstores.
"We believe Amazon's increased physical footprint (including 465 Whole Foods locations, around 10 bookstores, and its strategic partnership with Kohl's) is THE story of its 2017 holiday sales and an indication of things to come as Amazon increasingly leverages physical stores to increase its revenue growth and wallet share," Forte wrote in a note to clients.
Also raising his price target on Amazon on Thursday was MKM Partners analyst Rob Sanderson, to 1,350 from 1,275. He called Amazon the "best long-term growth story available" for investors looking at large-cap stocks.
Amazon shares climbed 1.3% to close at 1,176.75 on the stock market today .
The price-target hikes come as Amazon is presenting its new products and services to 43,000 attendees at its Amazon Web Services annual "re:Invent" conference in Las Vegas this week. Amazon on Wednesday announced five new machine learning services , in addition to a video camera for developers. Collectively, Amazon is delivering tools for developers to help them build, deploy and manage their own machine learning systems.
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