Amazon.com Inc.'s stock price target was boosted on Tuesday to $930 from $780 by analyst Jason Helfstein at Oppenheimer, following what he said were "very bullish" checks suggesting the Amazon Web Services business is even more efficient than he projected. Helfstein's new target, which is 28% above the current share price, is now the second highest among the 44 analysts surveyed by FactSet; the highest is Bernstein analyst Carlos Kirjner's $1,000 target. "Following very bullish checks, we believe AWS' competitive advantages in procuring, designing and architecting datacenters and compute/storage resources are driving even higher profitability and lower capital intensity than previously expected," Helfstein wrote in a note to clients. He said he believes Amazon's ecommerce business will continue to benefit from growth in consumer packaged goods and apparel categories. The stock, which slipped 0.4% in midday trade, has climbed 7.1% year to date, while the S&P 500 has gained 3.6%.
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