The Ratings Game: Amazon stock jumps to 9th straight gain as another analyst’s target cracks $1,400

Shares of Amazon.com Inc. were hurtled higher Friday to another record, and to the longest win streak in 3 1/2 years, as another Wall Street analyst boosted the price target to the $1,400 level.

Of the 48 analysts surveyed by FactSet, 11 now have price targets of at least $1,400 and four have targets of at least $1,500.

SunTrust Robinson Humphrey’s Youssef Squali joined the ranks Friday, as he boosted his target to $1,400, after being at $1,270 since the e-commerce giant reported fiscal third-quarter results in late-October. He wrote in a note to clients:

“We find management’s maniacal focus on the customer (by focusing on selection/price/convenience) and its leveraging of technology innovation to disrupt commerce, entertainment and IT services, to be strong differentiators and sustainable competitive advantages. Such a focus has and should continue to enable the company to grow disproportionately faster than peers, gain market share in several segments of the global economy and sustain above-peers valuation multiples for years to come, in our view.”

Amazon’s stock AMZN, +2.23%  ran up 2.2% to the first-ever close above $1,300. The stock has gained for nine-straight sessions–the stock has not declined in 2018–which is the longest such streak since the none-day stretch ending Aug. 20, 2014. The next longest is the 10-session streak that ended July 12, 2013.

The stock closed above $1,300 just seven trading days after it first closed above $1,200. It took 45 days for the stock to close above $1,200 after the first close above $1,100.

During the current win streak, which includes eight straight record highs, Amazon’s market capitalization has climbed by about $65.4 billion to $628.9 billion at current prices. That makes Amazon the fourth-most valuable company in the S&P 500 index SPX, +0.67% Founder and Chief Executive Jeff Bezos is also the world’s richest human, and the only one with a 12-digit worth, according to the Bloomberg Billionaires Index.

Don’t miss: Jeff Bezos’s vast wealth has reached uncharted territory.

On Thursday, Stifel Nicolaus analyst Scott Devitt raised his stock price target to $1,425 from $1,313, citing expectations of strong fourth-quarter results, while UBS analyst Eric Sheridan raised his target to $1,440 from $1,250.

The highest target on the Street is Wells Fargo analyst Ken Sena’s $1,525, according to FactSet, which is 17% above current levels. He said in a recent note that Amazon is one of his “top picks” in the internet space, as he sees the company driving data advances across the widest range of industries and verticals, “given its trusted audience platforms, scaled infrastructure investments and leadership within cloud.”

Also read: This one stat shows why Amazon shares have a lot more room to run.

Although 15 of the 48 analysts surveyed by FactSet now have price targets that are below current levels, none of them are actually bearish on Amazon, as 44 have the equivalent of buy ratings and four have the equivalent of hold ratings.

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