Amazon's price target raised again for virus tailwinds

A day after Amazon (AMZN -1.3%) shares crossed $3,000 for the first time, Baird raises its price target from $2,750 to $3,300.

Analyst Colin Sebastian joins the voices seeing long-term coronavirus-related benefits for the e-commerce giant.

The analyst notes that Amazon has gained market share across multiple “essential” products.

Sebastian: “Investors may not yet fully embed either the margin benefits of cheaper new user acquisition or the sustainability of higher growth in 2H and beyond.”

Baird maintains an Outperform rating on Amazon.

The firm’s research note was issued before Walmart announced its $98/year delivery service to compete with Amazon Prime.


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