Amazon's Stock Target Boosted To $975 At CFRA

By Jennifer Booton Markets MarketWatch Pulse

Amazon.com Inc.'s 12-month price target was raised to $975 from $885 on a buy rating at CFRA Research on Monday. The brokerage cited investments Amazon has made in fulfillment, content, hardware devices and international expansion, which are expected to streamline the business over time and improve sales. CFRA lowered its fiscal 2017 and fiscal 2018 earnings per share estimates, however, saying those investments will have a near-term effect on earnings. The recommendation hinges on continued market share gains over traditional brick-and-mortar retailers and growth in both Prime membership and Amazon Web Services. Shares of Amazon closed up 0.6% to $891.51 on Monday. They've rallied more than 18% in the past three months and 49% in the past year, outperforming the S&P 500 , which is up 5% and 14% over those periods, respectively.

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