Amazon price target raised to $1,850 from $1,700 at Barclays ahead of Prime Day launch

Amazon price target raised to $1,850 from $1,700 at Barclays ahead of Prime Day launch

Amazon’s stock jumps above $1,800 for the first time

Shares of Amazon.com Inc. jumped Friday above the $1,800 mark for the first time, putting it on track for a seventh-straight gain and third-straight record close. The rally comes after Cowen raised its stock price target to $2,100 from $2,000. The stock is on track to close above $1,800, exactly one month after it closed above $1,700 for the first time on June 13, which was five weeks after it first closes above $1,600. The stock rallied 0.9% in midday trade, pushing the e-commerce giant’s market capitalization up to $879.98 billion, which second only to Apple Inc.’s $942.38 billion. Among other the other largest-cap tech stocks, Alphabet Inc. and Microsoft Corp. shares have both hit all-time intraday highs on Friday. Amazon shares have run up 27% over the past three months, while the S&P 500 has gained 5.5%.

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