Credit: Shutterstock photoE-commerce titan Amazon ( AMZN ) received a price-target increase from JPMorgan on Monday, which also placed Facebook ( FB ) and Twitter ( TWTR ) on its list of top stock picks.
[ibd-display-video id=3031027 width=50 float=left autostart=true] JPMorgan analyst Doug Anmuth raised his price target in Amazon to 1,375 from 1,220, bringing it up to what amounts to roughly a 15% premium from where the stock currently trades. Amazon shares were up 1% to close at 1,190.58 on the stock market today .
"We believe Amazon is set to outperform in 2018 with numerous major growth opportunities driving revenue," Anmuth wrote in a research note to clients.
Amazon shares hit a record high of 1,213.41 on Nov. 27, also known as Cyber Monday, following strong sales on Black Friday that continued through the weekend as consumers responded to a raft of promotions.
Anmuth also raised his price target on Yelp, to 55 from 52, a 25% premium. Yelp shares surged 3.3% to finish the regular trading day at 43.81. Yelp reported third-quarter results last month that topped expectations.
"We believe Yelp is well-positioned into 2018 as the transition to Yelp 2.0 remains on track (i.e. greater sales efficiency, attribution through transactions, and performance marketing), the core ad business is stable, and importantly we expect margin expansion in 2018," Anmuth wrote.
Further, Twitter was upgraded to overweight from neutral and had its price target raised to 27 from 20. Twitter shares jumped 11% to 24.68, hitting levels not seen since October 2016..
IBD'S TAKE:Amazon is an IBD Leaderboard stock with a Composite Rating of 77 out of a possible 99, and is extended from a 1,083.41 buy point. Leading IBD's Retail-Internet Group is Alibaba Group ( BABA ) with a Composite Rating of 99 .
"We believe Twitter is uniquely positioned as the real-time broadcast and communications network, making Twitter complementary to all other forms of media, including TV," Anmuth wrote.
Twitter also received new coverage and a buy rating on Monday from Redstone Summit Partners, saying Twitter usage and advertising are moving in the right direction.
Anmuth placed Facebook, Amazon, Twitter and Yelp on his list of "best ideas for 2018."
Anmuth has an overweight rating on Facebook and price target of 225.
Facebook last week was rated a top stock pick for 2018 by Needham analyst Laura Martin. The rating was based on the social media leader's strategic position, strong revenue growth, dominance in mobile, and revenue diversification, among other reasons.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
