Amazon.com  (AMZN) - Get Report shares rose Monday after Cowen analyst John Blackledge raised his share-price target on the tech and online-retail behemoth to $3,700 from $2,750, affirming his outperform rating.

The new estimate is the highest on Wall Street, according to Seeking Alpha. Given Amazon's Friday close at $3,200, the new price target indicates 16% potential upside.

“Amazon has several drivers that should yield robust global revenue growth with rising margins the next several years,” Blackledge wrote in a commentary.

Those are:

· “Further [business-to-consumer] e-commerce market-share gains in large retail verticals;

· “Emerging e-commerce verticals like [business-to-business];

· “Significant opportunity in existing and newer international markets like India, Mexico, and Australia;

· “[Amazon Web Services] should enjoy years of secular tailwinds, driving revenue  [compound annualized growth rate] of about 25% for 2020-25, as workloads migrate to the cloud; and

· “Amazon Advertising, while still nascent, will drive both revenue growth and margin opportunity.”

Meanwhile, a Cowen consumer survey found that “the coronavirus has driven meaningful increases in consumers’ online purchasing habits, likely due to a combination of store closures and personal social distancing efforts,” Blackledge said.

“And that dynamic has remained robust over the past few weeks.”

A total of 52% of Prime members indicated they were increasing their online spending, compared with 32% of non-prime households, Blackledge wrote. 

Prime is Amazon's subscription service, providing faster delivery times, access to streaming TV, movies and music, shopping benefits and more.

On Friday, Citigroup boosted its share-price target for Amazon to $3,550 from $2,700. Citigroup analyst Jason Bazinet expects total U.S. online retail sales to increase 43% from 2019 to 2022.

Amazon shares recently traded at $3,278.40, up 2.5%. The stock has soared 78% year to date, compared with a 1% decline for the S&P 500.