Canaccord Genuity named Amazon king of the most revered tech stocks, while raising its price target on the e-commerce giant.
The stock rose to a record on Thursday following the note, up 1 percent on the day.
“Amazon’s rapidly growing scale of investment is strengthening long-term competitive barriers, and this includes a robust outlook for Prime subscription growth,” Canaccord analysts Michael Graham and Austin Moldow wrote in a note Thursday.
Amazon shares closed Wednesday trading at $1,755 per share, up 50 percent this year. Canaccord bumped its price target to $2,000 per share from $1,800 per share, as the firm expects Jeff Bezos’ company to report stronger revenue than Canaccord previously estimated.
“We think our revenue estimate of 38 percent could end up being conservative. This would be a 4.5 point sequential deceleration after five quarters of acceleration,” the analysts wrote.
Amazon is expected to report quarterly earnings on July 26.