E-commerce giant Amazon.com's shares hit a fresh record high Friday after Loop Capital initiated a buy rating on the stock, giving it a price target of $1,100 per share.
Shares climbed more than 1 percent on the day to briefly reach $890.35 a share, the highest since the stock's initial public offering in 1997.
Amazon.com contributed the most to gains in the Nasdaq 100, which hit a new intraday record on Friday.
"We expect Amazon to continue to be a market-leading online retailer and cloud-based services provider," Loop Capital's Blake Harper wrote in a Friday note to clients. "The company has an effective Prime subscription program to attract and retain members, with the critical goal of increasing consumers' engagement and order frequency..."
Also this week, Amazon announced it will be shutting down its Quidsi unit, the parent company of sites like Diapers.com and Soap.com, after it failed to reach profitability. Instead, the internet retailer said it wants to shift resources to focus on building out AmazonFresh, Amazon's latest venture into grocery vending.
Analyst Harper added in his note that he anticipates Amazon Web Services, or AWS, to be spun off from the company's other business segments in the future, and AWS alone could have a potential value of more than $200 billion, he said.
With Friday's gains, shares of Amazon have climbed more than 18 percent for the year and are up nearly 50 percent over the past 12 months.