Amazon Upgraded To Buy At Evercore

Amazon.com Inc was upgraded on Wednesday to buy from hold at Evercore ISI. Analysts there cite Amazon's "scale and opportunity for margin expansion" in online retail and in the infrastructure-as-a-service, or cloud, market. "While we have cited valuation concerns in the past (notably ahead of the prior quarter's result), Amazon nevertheless is showing strengthening secular presence, which is manifesting itself in an improved margin profile and overall outlook," the firm wrote in a note. The firm's price target of $585 remains unchanged. Amazon stock has soared 57% year-to-date, compared with a 7.3% decline in the S&P 500. The retailer's stock is up 4.3% in morning trade.