The upgrades come ahead of Amazon's April 30 earnings report. And they follow other firms' optimism about the Seattle company, including yesterday's move by Goldman Sachs's Heath Terry to raise his target 12% to $2,900, the highest on Wall Street, from $2,600.
Analysts at Stifel maintained their buy rating while increasing their price target to $2,600 from $2,400. Amazon is "one of the best positioned companies" in the pandemic due to "the surge in orders" at its e-commerce business, the firm said.
"We are raising our revenue estimates given the e-commerce opportunity stemming from the pandemic and the potential that prolonged dislocation in traditional retail accelerates e-commerce penetration," the firm's analysts wrote.
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"Our first-quarter 2020 revenue estimate rises 1.5% to $73.9 billion (up 24% year over year, adjusted for foreign exchange)."
Analysts at JMP Securities affirmed their market-perform rating but increased their price target to $2,650 from $2,450 as the company is "the prime beneficiary of accelerating e-commerce trends."
JMP expects recent trends to lead to "greater consumer wallet-share gains longer term."
Meanwhile, analysts at Jefferies declared that Amazon's dominance is "still undisputed" in the cloud-storage space.
"We hosted calls with two cloud experts who see [Amazon Web Services] as the undisputed leader in [infrastructure and platform as services]," analyst Brent Thill wrote.
"Overall AWS consumption flat to up as strong tailwinds (a notable uptick in government, healthcare, and education sectors usage) offset near-term headwinds. Covid-19 is likely to accelerate the migration of enterprise workloads to the cloud."
The firm affirmed its buy rating with a price target of $2,800.
Amazon's average price target is now $2,479, up from $2,179 at the end of 2019, according to Bloomberg.
At last check Amazon shares eased 0.4% to near $2,389.