UPDATE: Citigroup Reiterates Buy Rating, Raises PT on Amazon.com

In a report published Wednesday, Citigroup reiterated its Buy rating on Amazon.com

, and raised its price target from $275.00 to $300.00. Citigroup noted, “We rate the shares of Amazon.com Buy. Investment positives include: 1) AMZN provides broad exposure to online retail's strong secular growth; 2) AMZN has been a consistent market share gainer and we believe will continue to be so for the foreseeable future; 3) AMZN has significant international presence - 45% of its sales are outside North America; and 4) AMZN should have material margin expansion opportunity from the growth in high-margin third-party sales internationally.” Amazon.com closed on Tuesday at $260.35.