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Amazon’s Price Target Lifted to $950 on Prime, Alexa Growth

Friday, September 23, 2016 4:41
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(Before It's News)

Continuing a recent stream of positive Wall Street sentiment, retail behemoth Amazon.com, Inc. (NASDAQ:AMZN) received some bullish commentary from analysts at Mizuho Securities today.

The firm lifted its price target on AMZN $855 to $950 this morning, citing big growth drivers in the company’s services and products segments. That new target suggests an 18% upside from the stock’s Thursday closing price of $804.70.

Related: See what ETFs own the most AMZN

Mizuho said their proprietary survey work shows that Amazon Prime subscriptions have reached an inflection point, and that it could drive higher revenues as Prime customers spend more on Amazon.

The analyst also notes that Amazon’s Alexa voice assistant and Echo devices could well put Amazon at the center of home automation, and possibly be the next $10 billion-plus revenue opportunity for the company.

Amazon is currently pursuing several new opportunities in industries expected to see big growth in coming years. The company is looking into live sports streaming, auto sales, and may have ambitions to become a big player in the shipping world.

The company also recently launched a photo-printing service that caused the share price of its main competitor in the space to drop over 12% in one day on the news.

AMZN-2016-09-23

Amazon shares fell $2.02 (-0.25%) to $802.68 in premarket trading Friday. Year-to-date, AMZN has gained 19.06%.

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