RBC boosted its price target on
by $30 a share, saying that even with this year's run-up in the stock it still has room to go higher.
The firm lifted its target to $75 from $45. RBC thinks high levels of short interest, increasing estimates and concentrated ownership positions will limit the downside in the shares.
Amazon was left with its sector perform rating, but RBC said it would recommend buying the stock on any weakness.