Analysts at Goldman Sachs on Tuesday hiked their price target on the e-commerce giant's stock to $1,450 from $1,300, while maintaining their "Conviction Buy" rating.
Shares of Amazon were up over 1% at the market open to about $1,198 per share.
The move to raise the stock's price target comes just ahead of Amazon's AWS re:Invent 2017 conference this week, as Goldman argues that new product unveilings during prior years events have correlated with positive stock reactions.
Goldman also says investors should expect even more from Amazon this year, as the number of product announcements has substantially increased over the last few years. Last year, the company made 15 new announcements and Goldman predicts that, at a minimum, this year's conference will have the same amount, but thinks there is the potential for even more.
The firm also believes that the highly-anticipated selection of where Amazon will place its second headquarters could take place at this year's event.
"While Amazon has never discussed any plans for a spin or any HQ2 plans relative to AWS, it is possible that the location of the new headquarters could provide some insight into the way management is thinking about the positioning of AWS," Goldman noted.
But, even looking out beyond this year's conference, Goldman continues to back Amazon's rate of innovation, expanding price flexibility, and continued workflow to its cloud platform AWS.
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