Shares of Amazon.com Inc. (AMZN) rose 0.4% in premarket trading Monday, after Monness Crespi Hardt analyst Brian White raised his price target enough to make him the most bullish on the Street on the ecommerce and cloud giant. White reiterated his buy rating while boosting his price target to $3,500 from $2,800, which implies a 30% gain from Friday's closing price of $2,692.87. That propels his target to be the highest of the 49 analysts surveyed by FactSet, passing the previous high of $3,409 of Elazar Advisors analyst Chaim Siegel. White said he doubts the recent spike in COVID-19 cases will be the last surprise from the pandemic, and believes Amazon "holds the key capabilities, vast global infrastructure and financial strength necessary" to support global commerce and position itself as "major beneficiary" of the resulting accelerated digital transformation. He said Amazon's deal announced last week to buy autonomous vehicle maker Zoox ( ) was evidence of the company's continued investment into next-generation technology to expand its reach. Amazon's stock has rallied 41.7% over the past three months through Friday, while the S&P 500 has gained 18.4%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
June 29, 2020 08:04 ET (12:04 GMT)
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