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Here are the biggest calls on Wall Street on Friday:
SunTrust raised its price target on the stock to a Street high and said it's staying positive on the stock as the coronavirus accelerated a faster transition to e-commerce among other things.
"We're incrementally positive on Amazon and are initiating a FY21 PT of $3,400 (vs. our FY20 PT of $2,700) on the back of a proprietary ecommerce survey we ran this week, which reveals several reasons to stay positive on the stock. These include 1) COVID-19 catalyzed a faster transition to ecommerce, which we believe is here to stay; 2) AMZN acquired brand-new customers to the platform, and who are likely to stick; 3) AMZN's net promoter score is the best amongst peers, with the vast majority of customers expecting to at least sustain, if not increase their purchase frequency post pandemic."
Deutsche said in its upgrade of eBay that it sees "further appreciation" for the stock as consumers flock to online shopping.
"eBay's shares have appreciated materially since the lows in March on the back of strong core Marketplace growth since the lockdown started as well as the expectation that Classifieds transaction value could come in at the high-end of expectations. We believe there is scope for further appreciation over the mid-term given: our dbDIG survey suggests new buyers on the platform have had a positive experience, with over 40% stating they are "very likely" to make a purchase over the next 6 months, and another ~20% saying they are 'somewhat likely'; Street estimates seem extremely conservative, implying largely a flat 2H20, and for the longer term, implying only about 20% retention of the incremental 2Q gross merchandise volume."