Piper Jaffray analyst Michael Olson says his firm's survey of 1,366 consumers suggests 16% of adult consumers expect to use a grocery delivery service in 2017.
Amazon.com (AMZN) is well positioned to capture market share, through both the company's existing initiatives and the Whole Foods (WFM) acquisition, Olson tells investors in a research note.
The analyst recommends buying shares of Amazon.com on the recent weakness. He believes selloffs around margin-related misses can prove to be good buying opportunities. Olson keeps an Overweight rating on Amazon with a $1,200 price target. The shares closed yesterday down 3%, or $32.26, to $987.78.
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