Despite its stock coming under pressure amid a broader two plunge in tech names, Amazon.com  (AMZN - Get Report) is poised to climb higher according to investment firm Piper Jaffray.

Piper Jaffray analyst Michael Olson on Monday reiterated his "Outperform" rating on the e-commerce giant's stock and hiked his 12-month price target to $1,200 from $1,050, representing 23% upside from Friday's close.

"We continue to believe that Amazon is the best positioned large cap internet platform for the next 5+ years and are raising our price target," Olson. "Proprietary analysis of Google search trends from our PJC Data Analytics platform indicates Amazon retail growth will likely see little to no deceleration in Q2'17."

Olson added that the firm's web analysis revealed search interest for Amazon-related words rose 23% year-over-year in the June quarter to date matching the 23% growth in the March quarter.

He cited how Piper's search analysis had a 95% correlation with Amazon's retail sales unit growth in the prior 37 quarters.

What's Hot on TheStreet

Apple and all of tech remains in focus: European tech shares such as SAP SE (SAP - Get Report) , Infineon Technologies AG (IFNNY) and ASML NV (ASML - Get Report) fell sharply on Monday after last week's late Nasdaq rout. Not helping matters was a rare downgrade on Apple (AAPL - Get Report) on Sunday on fears the stock may be too richly valued.

Walmart is under siege from a German rival: Aldi is coming after Walmart's (WMT - Get Report) grocery market share, as the German discount retailer says it will invest $3.4 billion to expand its U.S. presence. The privately-held German grocery store said it plans to increase its store base to 2,500 by 2022. Aldi currently operates 1,600 U.S. stores.

GE's CEO is stepping aside: Industrial conglomerate General Electric (GE - Get Report) said Jeffrey Immelt, chairman and CEO, plans to step down. Immelt has been with GE since 1982 and has served as chairman and CEO since September 2001. John Flannery, the current president and CEO of GE Healthcare, was named chairman and CEO. He will become CEO effective Aug. 1, and also take over the chairman role effective Jan. 1, 2018, a day after Immelt officially retires.

TheStreet reported last week that General Electric may sell additional businesses as investor Trian Partners pressured Immelt to meet aggressive performance targets.

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