Amazon.com Inc.’s stock extended its recent pullback in midday trade Thursday, along with the rest of its “FAANG” brethren, but the e-commerce giant still managed to pick up yet another four-digit stock price target. The stock dropped 2.1% in midday trade, and has lost 5.4% over the past week. Analyst Anthony DiClemente at Instinet raised his stock price target to $1,100 from $975, as optimism for Amazon’s Alexa and artificial intelligence offerings, the large advertising opportunity and video growth initiatives has increased investor confidence in long-term addressable market opportunities. DiClemente’s new target means that 31 of the 44 analysts surveyed by FactSet have targets above $1,000. Canaccord Genuity’s Michael Graham raised his target Thursday to $1,200, but he was already at $1,150. The average price target is now at $1,109.49, which is 16% above current prices. Amazon’s stock has still gained 12.1% over the past three months, while the Nasdaq 100 has tacked on 4.7% and the S&P 500 has edged up 1.7%.
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