Shares of Amazon (NASDAQ: AMZN) climbed higher on Friday, adding as much as 3.1%. As of 2:27 p.m. ET, the stock was still up 1.6%.

The catalyst that sent the e-commerce and cloud computing titan higher was a bullish take from a Wall Street analyst.

JMP Securities analyst Nicholas Jones maintained an outperform (buy) rating on Amazon stock while setting a price target of $265. That represents additional upside potential of 46% compared to Thursday's closing price. The analyst believes Amazon can cut its expenses by more than $20 billion each year by making a few changes to its business.

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Source Fool.com