UPDATE: J.P. Morgan Reiterates Overweight Rating, Raises PT on Amazon.com

In a report published Wednesday, J.P. Morgan reiterated its Overweight rating on Amazon.com

, and raised its price target from $245.00 to $333.00. J.P. Morgan noted, “Maintain Overweight rating. We believe Amazon continues to show strong ability to take share of overall eCommerce, and its flexibility in pushing first-party versus third-party inventory appears to be a big advantage going forward. We think Amazon remains a share gain story in Media and EGM, and while the company may witness some quarterly volatility related to investment decisions, we believe the competitive moat at Amazon continues to deepen, which should allow for many years of strong growth ahead.” Amazon.com closed on Tuesday at $260.35.