In a note out Friday morning, Piper Jaffray analyst gene Munster raised his price target on Amazon.com, Inc. AMZN from $350 to $400, maintaining an Overweight rating. He cited long-term growth opportunities as the justification for a higher multiple for Amazon.
"Higher multiple for AMZN is justified given new initiatives including Amazon handyman listings service,online travel, expansion of AWS offerings Expects AMZN to retain e-commerce market share this year despite growing competition; ChannelAdvisor data so far indicates AMZN accelerating into holiday period."
Shares of Amazon were up 0.58 percent at $335.50 in pre-market trading.
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