Amazon Higher After Wells Fargo Sets New Street-High Target Of $1400

Amazon.com, Inc. AMZN shares are trading higher by $7.00 at $945.50 in Wednesday's session.

Before the open, Wells Fargo announced a new price target of $1,400, which is Amazon's highest price target on the Street.

After a higher open, Amazon continued in that direction until peaking at $951.16 and reversing course. That cleared the high from its last two sessions ($949.42 and $948.63), but indicates $950 may be becoming a major psychological resistance level as it hasn't posted a close above it since Sept. 22, when it ended that session at $955.10.

The ensuing decline has taken the stock to $943.30 and has been consolidating at the $946.50 area over the last hour.