As previously reported, Argus analyst Jim Kelleher upgraded Amazon.com (AMZN) to Buy from Hold, as he believes Amazon is currently growing and expanding margins faster than the stock price has been rising.
Amazon is using Prime to solidify its online retail dominance and Amazon Web Services owns "well more than half" of the Infrastructure as a Service, or IaaS, market, Kelleher tells investors. While Amazon shares still trade at "rich multiples," these are "well below" historical inflated multiples, according to Kelleher, who set a 12-month target price of $935 on the stock.
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