Oppenheimer Reiterates Outperform On Amazon, Boosts Target To $525

In a report published Monday, analysts at Oppenheimer reiterated their Outperform rating on

. The price target was raised from $415 to $525. The analysts expect the company's AWS segment to see strong momentum, while the IT services segment is expected to witness market share gains globally till 2023. The AWS segment alone is with $119 billion and it has continued to grow at a rapid rate of 50 percent. It leads the public cloud domain with 85 percent market share. The segment is expected to continue to drive the company's performance in the current quarter, with accelerating revenues in 2Q, led by sustained demand and stability in pricing following the 40 percent price cut in March. "We do expect further price cuts in 2H15, which has created stock volatility," the analysts added. Oppenheimer expects Amazon to gain 29 percent share of the global eCommerce market by 2023. "We forecast AMZN's global eCommerce to grow 20 percent annually, reaching $715B of GMV in 2023, or 29 percent of global eCommerce market share, up from $138B or 24 percent in 2014," according to the analysts.