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Amazon.com (NASDAQ:AMZN) was upgraded by investment analysts at Argus from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday, TheFlyOnTheWall.com reports. The firm currently has a $480.00 target price on the stock. Argus’ price target suggests a potential upside of 51.86% from the company’s current price.

The analysts wrote, “reflects a reversal in market momentum for internet-based tech stocks in general rather than weak company fundamentals…providing a favorable entry point,” said analyst Joseph Bonner. Bonner’s 2014 and 2015 GAAP earnings per share forecast is $2.34 and $3.31 respectively with a five year growth projection of 18 percent. The company “should continue to spend on infrastructure and growth initiatives in 2014,” said the analyst. The Argus analyst is encouraged by the rebound in return on invested capital in the fourth quarter 2013, “rising 13% after being stuck in the low single digits over the last year.”

Shares of Amazon.com (NASDAQ:AMZN) traded up 1.24% during mid-day trading on Wednesday, hitting $319.988. 2,771,873 shares of the company’s stock traded hands. Amazon.com has a 52 week low of $245.75 and a 52 week high of $408.06. The stock has a 50-day moving average of $350.9 and a 200-day moving average of $361.6. The company has a market cap of $147.0 billion and a price-to-earnings ratio of 535.73.

Amazon.com (NASDAQ:AMZN) last issued its quarterly earnings data on Thursday, January 30th. The company reported $0.51 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.67 by $0.16. The company had revenue of $25.59 billion for the quarter, compared to the consensus estimate of $26.06 billion. On average, analysts predict that Amazon.com will post $1.94 earnings per share for the current fiscal year.

AMZN has been the subject of a number of other recent research reports. Analysts at S&P Equity Research reiterated a “sell” rating on shares of Amazon.com in a research note on Thursday, April 3rd. Separately, analysts at Oppenheimer raised their price target on shares of Amazon.com from $440.00 to $455.00 in a research note on Tuesday, March 18th. They now have an “outperform” rating on the stock. Finally, analysts at TheStreet reiterated a “buy” rating on shares of Amazon.com in a research note on Wednesday, March 5th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $417.11.

Amazon.com, Inc (NASDAQ:AMZN) serves consumers through its retail websites and focus on selection, price, and convenience.

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