Amazon's Stock Heads Toward 5th Straight Record High After Bullish Analyst Note

By Tomi Kilgore Markets MarketWatch Pulse

Shares of Amazon.com Inc. were up 1.4% in afternoon trade Tuesday, putting them on track to reach the longest stretch of record closes in 1 1/2 years. The stock was headed for a seventh straight gain, which would be the longest win streak since the seven-day streak ending last Aug. 12. The stock was also set to close at a record high for a fifth straight session, the longest such stretch since the five-session stretch ending Oct. 29, 2015. During the current record streak, the shares have rallied 5.7%, the best five-day performance since the stock climbed 6.3% over the five sessions ending Jan. 9, 2017. Helping fuel Tuesday's gain, a BMO Capital Markets analyst upped his share-price target to $1,200, which implied potential for a further 33% rally from current levels, citing the e-commerce giant's burgeoning advertising business. Amazon's stock has soared 21% in 2017, while the S&P 500 has gained 5.4%.

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