NEW YORK (TheStreet) -- If you didn't get something from someone or buy something for someone on Amazon
(AMZN) this holiday season, chances are you were one of the few people this season who didn't shop online.
As such, Citi analyst Mark May raised his price target to $457, keeping his "buy" rating on the stock, noting the company likely had a strong fourth quarter that was buoyed by a surge in online shopping.
"We believe Amazon.com likely had a strong 4Q13 and, as a result, the stock will continue to outperform, with the positives likely outweighing the negatives," May wrote in a report. "We are raising our price target to $457 from $381 as we take into consideration Amazon's continued momentum in both online retail and cloud services (AWS) and as we roll forward our valuation framework one-year forward."
Online shopping was so strong during the holiday season, particularly the last few days before Christmas, that UPS (UPS) and FedEx (FDX) both missed delivery dates on certain packages, prompting outrage from consumers who expected packages to be delivered by Christmas despite not placing orders sooner.
"UPS is experiencing heavy holiday volume and making every effort to get packages to their destination; however, the volume of air packages in our system exceeded the capacity of our network immediately preceding Christmas so some shipments were delayed," UPS said in a statement late last month.
Following the delay in orders, Amazon offered refunds on shipping charges and $20 gift cards to affected customers.
--Written by Chris Ciaccia in New York
>Contact by Email.Follow @Chris_Ciaccia
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