Oppenheimer Raised Target On Amazon From $780 To $930 Following 'Very Bullish Checks'

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Oppenheimer's Jason Helstein reiterated
Amazon.com, Inc.AMZN
's Outperform rating while increasing the company's price target from $780 to $930. Raised projections were largely due to the analyst's increasingly positive outlook for the e-commerce sector and Amazon Web Services (AWS) expansion compared to previous estimates.

After further analysis, Oppenheimer concluded that Amazon Web Services are more competitive than previously expected. "Following very bullish checks, we believe AWS's competitive advantages in procuring, designing and architecting datacenters and compute/storage resources are driving even higher profitability and lower capital intensity than previously expected," said Helstein.

Related Link: Amazon Restaurants Unveils Free One-Hour Delivery In Atlanta And Miami

Flourishing Industry

Additionally, Helstein was impressed with Amazon's new initiatives, confident that the company can take advantage of a thriving e-commerce market. "We see the eCommerce business continuing to benefit from category expansion, specifically CPG and apparel with initiates such as Echo, at the cusp of providing an even wider moat for the company," stated the Oppenheimer analyst.

At the time of writing, Amazon was trading at $726.67, essentially flat on the day.

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Posted In: Analyst ColorLong IdeasPrice TargetAnalyst RatingsTrading IdeasAmazon Web ServicesAWSJason HelsteinOppenheimer
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