Last week, analysts set new Wall Street highs for their estimates twice - at $2,800 and then $2,900 amid the coronavirus pandemic.
On Monday, Credit Suisse analysts, led by Stephen Ju, lifted their target to $2,800 from $2,400.
And Oppenheimer analysts, led by Jason Helfstein, boosted their target to $2,700 from $2,400.
Both analysts affirmed outperform ratings on the shares of the Seattle company.
One sharp interruption in the parade came from R5 Capital, which downgraded Amazon to sell from buy.
At Credit Suisse, the analysts see “faster customer adoption on online groceries in North America as well as purchase of necessary merchandise, given the decrease of retail foot traffic across Amazon’s operating regions,” they wrote in a report.
“Signs that Amazon is getting crushed with demand were clear at the outset of the health crisis, … and we think we will ultimately look back on this event as one that spurred faster adoption for some of the more online-underpenetrated retail categories,” such as food.
At Oppenheimer, “we see upside to revenue as evidenced by AMZN hiring 175,000 additional workers to keep up with increasing demand, as well as a temporary pause of the [third-party Fulfillment by Amazon] business because of strain on [its] fulfillment network,” the analysts wrote in a report.
In addition, covid-19's impact speeds the secular shift to e-commerce, which now accounts for 12% of U.S. retail sales, they said. “AMZN is well positioned to continue taking share.”
R5 Capital analyst Scott Mushkin, cutting Amazon to sell, cited "revenue growth and profit concerns" as the money-making businesses decelerate and business costs increase, Seeking Alpha reported.
Mushkin cut his price target on Amazon 17% to $1,987 from $2,408, noting that the shares have risen 40% from a March low, the news service reported.
Amazon shares recently traded at $2,419, up 0.4%.