Amazon.com shares continues to get price target hikes amid Covid-19 pandemic.
On Monday, Credit Suisse analysts boosted their target on the e-commerce giant’s shares to $2,800 from $2,400.
Credit Suisse analysts cited faster customer adoption on online groceries in North America, along with purchase of essential merchandise, amid reduction in retail foot traffic across Amazon’s operating regions.
Also, Oppenheimer analysts, led by Jason Helfstein, lifted their target to $2,700 from $2,400.
At Oppenheimer, analysts mentioned that they expect an upside to revenue as Amazon hired 175,000 additional workers to meet increasing demand, as well as a temporary pause of the third-party Fulfillment by Amazon business because of strain on its fulfillment network.
Monday’s price target increases come on the heels of last week’s hikes when analysts set new Wall Street highs for their estimates twice - at $2,800 and then $2,900.