Shares of Amazon.com (AMZN) - Get Report were rising over 1.2% following a bullish note from investment firm Macquarie arguing the e-commerce giant will "be the most valuable company on the planet one day."
"We see few competitive threats to its core retail/marketplace business, and while AWS [Amazon Web Services] is seeing increased competition from (MSFT) - Get Report and (GOOGL) - Get Report (among others), we think its lead there is well established," Macquarie analyst Benjamin Schachter noted.
Schachter increased his 12-month price target on Amazon's stock to $1,130 from $1,060, representing a 10% upside from Friday's close.
"In terms of the core fundamentals, we see more of the same, continued solid rev growth, with near-term margins likely pressured by investment," he wrote. "Yet, given the company's track record, we expect that investment in India, video, Prime Now, grocery, and other areas will be welcome."
Earlier on Monday, Amazon received praise from TheStreet's Jim Cramer, saying that he "still believes in the Amazon world domination theory."
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