"I think Amazon is going to take off," said TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio. If Piper Jaffray is correct, the stock could zoom back to its pre-earnings level near $400, he reasoned.
Turning to another high-dollar stock, Cramer noted AutoZone (AZO - Get Report) is feeling the love from analysts. Citigroup bumped its price target to $620 from $545, while R.W. Baird increased its price target to $550 from $500.
"People have to focus right now because this stock's about to go up very big," Cramer said.He pointed out the company's buyback program remains very aggressive, cutting the share count in half over the past five years. "It's time to buy," he reiterated for one of the few companies that actually benefits from the brutal winter weather that has wreaked havoc on much of the U.S. The company has the "best management in the industry" and is also one of the most shareholder-friendly companies, he concluded.
- - Written by Bret Kenwell in Petoskey, Mich.