Shares of Amazon.com Inc. soared more than 3% in premarket trade as analysts predicted gains for the stock following stronger-than-expected quarterly earnings. Roughly 15 price-target increases propelled the stock Friday morning, which increased the average target on its shares to $1,048.16, compared with $956.88 the day before the earnings report, according to a FactSet survey of more than 35 analysts. The average rating on the stock is the equivalent to buy. Shares of Amazon traded around $947.49 ahead of the market open, which puts the company on track for a $15 billion increase in its market valuation to $453 billion. That would inch Amazon stock closer than ever to Microsoft Corp. , the third most-valuable company in the S&P 500 behind Apple Inc. and Alphabet Inc. . Microsoft is set to open with a market cap of around $528 billion. As of Thursday's close, shares of Amazon has risen 10% in the past three months and 53% in the past year, outperforming the S&P 500 , which is up 4% in the past three months and 15% in the past year.
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