Multiple analysts raised their price targets for Amazon shares due to growing optimism over the internet giant's retail and cloud computing prowess.
D.A. Davidson reiterated its buy rating and increased its price target for Amazon shares to $1,500 from $1,300, representing 29 percent upside to Wednesday's close. It is the highest target out of the 41 analysts who cover Amazon, according to FactSet.
"We are focusing on the company's physical store efforts as we believe its increased physical footprint (including 465 Whole Foods locations, around 10 book stores, and its strategic partnership with Kohl's) is THE story of its 2017 holiday sales and an indication of things to come in the future as Amazon increasingly leverages physical stores to increase its revenue growth and wallet share," analyst Tom Forte wrote in a note to clients Wednesday.