Why Shares of Amazon Jumped on Monday

Shares of e-commerce giant Amazon AMZN gained 1.5% in Monday trading after several Wall Street analysts raised their price target on the stock.

Wells Fargo analyst Brian Fitzgerald upped AMZN’s PT to $3,600 from $3,000, citing a long-term tailwind from the coronavirus and strong Q2 results. Over at Credit Suisse, analyst Stephen Ju raised the firm’s PT to $3,400 from $2,760, while Telsey Advisory analyst Joseph Feldman increased his PT to $3,600 from $2,800.

Analysts at Wedbush and Bank of America also increased their price targets on AMZN.

Amazon is set to report earnings on Thursday, July 30 after the bell. We expect earnings of $1.75 per share on revenue of $81.31 billion.

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