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Amazon (AMZN) Stock Rising on $1000 Price Target

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Shares of Amazon (AMZN - Free Report) gained as much as 1.6% in morning trading Tuesday after analysts from JPMorgan raised their price target for the stock to $1,000 from $925.

“We believe Amazon continues to show strong ability to take share of overall eCommerce, and its flexibility in pushing first-party versus third-party inventory is a major advantage compared with other retailers,” the firm said in a note.

JPMorgan is not the first to call for Amazon to hit quadruple digits; the stock rose to all-time highs in May shortly after analysts at Bernstein upped their target to $1,000 from just $770. The adjustment from JPMorgan also comes just one day after Cowen analyst John Blackledge highlighted Prime’s remaining room to grow.

According to Blackledge’s firm, Amazon Prime has reached 49 million subscribers as of August, which represents a 33% compound annual growth rate since January 2013. The firm also estimated Prime’s remaining addressable market is over 60 million.

“Prime growth has driven large overlap gains of traditional retailer customer bases, resulting in market share gains. Prime purchasing data suggests AMZN can accelerate share gains in large non-traditional verticals, such as Grocery,” said Blackledge.

With shares touching $812.01 this morning, Amazon has hit a new 52-week high. Nevertheless, a $1,000 price target indicates that some analysts think that this stock has room to grow an additional 23%.

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