Amazon's stock rallies toward another record after analyst boosts price target to $2,000

Shares of Amazon.com Inc. AMZN, +1.68% rose 0.6% in premarket trade Thursday, extending gains made to a record close in the previous session, after Canaccord Genuity boosted its price target to $2,000 from $1,800. The new target, which is 14% above Wednesday’s closing price of $1,755.00, would give Amazon a market capitalization of $970.5 billion. Analyst Michael Graham said investors appear to increasingly recognize that Amazon’s scale and pace of investment are creating long-term barriers to competition. “We think fundamentals remain as strong as ever as e-commerce business continues to grow nearly 30% ex-Whole Foods, and AWS [cloud business] remains the market leader, accelerating growth to almost 50% last quarter,” Graham wrote in a note to clients. The stock has run up 50% year to date through Wednesday, while the Nasdaq Composite COMP, +1.09% has climbed 12% and the S&P 500 SPX, +0.74% has gained 3.8%.

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