Why Amazon Stock Popped on Thursday
Shares of Amazon (NASDAQ: AMZN) climbed higher on Thursday, adding as much as 3.8%. As of 3:05 p.m. ET, the stock was still up 2.8%.
There were a pair of catalysts that sent the cloud computing leader higher. The company got a little love from Wall Street and Amazon Web Services (AWS) got a prestigious new client.
Cantor Fitzgerald analyst Deepak Mathivanan initiated Amazon stock with an overweight (buy) rating while assigning a price target of $230. For those keeping score at home, that represents potential upside of 33% compared to Wednesday's closing price. The analyst cited opportunities in both online retail and AWS. Mathivanan believes Amazon has room to expand its retail margins, which will boost profits. He also suggests that AWS growth will continue to accelerate.
Source Fool.com
