Another Firm Raises Amazon's Price Target To $1,000

Amazon.com Inc.'s price target was raised to $1,000 from $835 at Cantor Fitzgerald on Wednesday, adding to a growing list of analysts to reach that threshold. Among the other firms with a price target of at least $1,000 according to FactSet are Evercore ISI, which has a price target of $1,015, RBC Capital Markets, and Bernstein Research. A number of others have a price target of $900 or more, including Jefferies ($950), Cowen & Company ($960), and Oppenheimer ($941). Cantor Fitzgerald based its increase on the strength of e-commerce and the momentum of Amazon Web Services (AWS). E-commerce revenue growth is accelerating, Cantor Fitzgerald's note said, quoting comScore data showing a 15% year-over-year increase. "As the largest e-commerce company, Amazon is disproportionately benefitting from this trend, with year-over-year revenue growth in retail sales accelerating to 29% in the second quarter of 2016 versus 26% in the first quarter of 2016 and 19% in the fourth quarter of 2015." Amazon is forecast to grow its e-commerce sales this holiday season, and, according to the note, even with Jet.com, Wal-Mart Stores Inc. is "unlikely to make much of an impact on Amazon in the near term." Amazon shares are up 0.3% in Wednesday trading, and 51.5% for the past year. The S&P 500 Index is up 6.1% for the last 12 months.