Amazon.com, Inc. (AMZN) - Get Amazon.com, Inc. Report seemed destined to hit $1,000 per share this year. In first-half 2017, an adrenaline-fueled bull market continued to push prices higher, perhaps most notably in FANG stocks -- Facebook Inc. (FB) - Get Facebook, Inc. Class A Report , Amazon, Netflix (NFLX) - Get Netflix, Inc. (NFLX) Report and Alphabet Inc. (GOOGL) - Get Alphabet Inc. Class A Report .
However, after topping out near $1,080, AMZN stock just hasn't been the same. That top was about six weeks ago and now we still have AMZN lingering in the $950 to $970 range.
Analysts are not discouraged, though. Tom Forte of DA Davidson initiated Amazon with a buy rating and $1,300 price target. Minutes into the open, shares were up about $10 to $975.70 Thursday. That's about 34% upside for Amazon should it hit Forte's price target. It would also be an impressive move for a stock that's already up about 30% so far on the year.
Currently trading with a market cap of $466 billion, making it the fourth-largest U.S. company, the rally would theoretically drive AMZN stock to a market cap of $622 billion. Depending on how Alphabet trades, this could make Amazon the second-largest company in the world, behind Apple (AAPL) - Get Apple Inc. (AAPL) Report . Apple currently has a market cap north of $800 billion, but the case has been made that it's going to $1 trillion.
- Amazon Is Searching for a Second Headquarters City in North America
- Costco Has Its Warrior Gear On and Is Ready to Fight Back Amazon
In any regard, Forte says Amazon is "poised to take even more market share" from retailers and that the acquisition of Whole Foods Market (WFM) should help in that regard. Amazon's Web Services should also help drive profitability for the foreseeable future.
Forte isn't the only bull. Needham's Kerry Rice says Amazon cutting prices at Whole Foods should make the latter more popular among consumers. Specifically, it should attract more Prime members. Kerry maintains a buy rating and $1,150 price target on Amazon, implying about 17.5% upside from current levels.
More of What's Trending on TheStreet:
- Chili's to Trim 40% of Its Menu, as Casual Dining Pressures Persist
- Gold Prices Will Skyrocket 700% to $10,000 as War Looms, Expert Predicts
- Here's the Hottest New Way to Get Rich With Gold
- Why Equifax Breach of 143 Million Consumers Should Freak You Out
This article is commentary by an independent contributor. At the time of publication, the author had no positions in the stocks mentioned.