Canaccord Genuity Believes AMZN Won’t Stop Here

By Austin Angelo

Canaccord Genuity analyst Michael Graham reiterated a Buy rating on Amazon (NASDAQ: AMZN) yesterday and set a price target of $900. The company’s shares closed yesterday at $845.04, close to its 52-week high of $860.86.

According to, Graham is a 5-star analyst with an average return of 9.7% and a 56.3% success rate. Graham covers the Technology sector, focusing on stocks such as IAC/InterActiveCorp, Spark Networks Plc, and Angie’s List Inc.

Currently, the analyst consensus on Amazon is Strong Buy and the average price target is $945.32, representing an 11.9% upside.

In a report issued on February 13, Deutsche Bank also maintained a Buy rating on the stock with a $1050 price target.

Based on Amazon’s latest earnings report for the quarter ending December 31, the company posted quarterly revenue of $43.74 billion and quarterly net profit of $749 million. In comparison, last year the company earned revenue of $35.75 billion and had a net profit of $482 million.

Based on the recent corporate insider activity of 54 insiders, corporate insider sentiment is neutral on the stock. Most recently, in January 2012, Jonathan Rubinstein, a Director at AMZN bought 165 shares for a total of $33,165.

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