Amazon.com (AMZN) Stock Up, Cowen Bullish

NEW YORK (TheStreet) -- Amazon.com (AMZN) - Get Report  shares are gaining 0.53% to $717.02 in Thursday's pre-market trading session as Cowen & Co. says the e-commerce giant is the dominant player in the retail industry. 

The company will take Macy's (M) place in being number one in apparel, analysts said.

Yesterday morning, Macy's posted its first quarter 2016 results. Even though earnings topped forecasts, revenue tumbled year-over-year, missing projections. What also sent shares plunging yesterday was the retailer slashing its full-year sales forecast, as it expects a decline between 3% to 4%, compared to its previous outlook of a 1% drop.

This goes to show the power of Amazon.com, Cowen noted. For instance, in the first quarter of 2016, Amazon Apparel purchases were up 19% year-over-year while Apparel purchasers dropped 1% year-over-year and slumped 5% at both Wal-Mart Stores (WMT) and Target (TGT), the firm added.

As more and more consumers turn to online shopping, analysts remain bullish on Amazon.com and its future. 

(Amazon.com is held in the Growth Seeker portfolio. See all of the holdings with a free trial).

Separately, TheStreet Ratings currently has a "Buy" rating on the stock with a letter grade of B-.

The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income, robust revenue growth, expanding profit margins and solid stock price performance. We feel its strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.

You can view the full analysis from the report here: AMZN