A Susquehanna analyst expects further stock-price gains for Amazon.com Inc., whose shares hit a record Thursday.
The stock slipped $3.35, or less than 1 percent, to close at $397.66 Friday. Its shares have gained 50 percent over the past 12 months, and reached a high of $406.89 Thursday.
Susquehanna Financial Group analyst Brian Nowak said Amazon is improving its pricing and how it manages its stockpile of goods. He believes the company’s profit will grow this year. He maintained a “Positive” rating on the stock, and raised his price target to $500 per share, from $385.
Canaccord Genuity analyst Michael Graham said ChannelAdvisor Corp., which provides software and services for online retailers, said the company’s sales growth improved in December. He said that was expected given that the Thanksgiving legal holiday was later than usual in 2013, but it’s still good news for Amazon’s shares.
Graham rates Amazon shares at “Hold” with a price target of $365.