UPDATE: Canaccord Genuity Reiterates Hold Rating, Raises PT on Amazon.com

In a report published Wednesday, Canaccord Genuity reiterated its Hold rating on Amazon.com

, and raised its price target from $290.00 to $300.00. Canaccord Genuity noted, “Amazon's Q4 showed continuation of existing trends – GMV/top-line momentum heavily influenced by the shift to 3P, which put pressure on revenue but contributed to very strong gross profit. We believe the stock's positive reaction in the face of guidance for weaker revenue and low operating margin signals that investors are highly focused on GMV and gross profit growth.” Amazon.com closed on Tuesday at $260.35.