Analyst Shyam Patil at Susquehanna is now Wall Street’s most bullish on Amazon.com Inc.’s AMZN, +1.11% stock, after he raised his price target to $5,200 from $4,000, while reiterating his positive rating, in the wake of the e-commerce giant’s record fourth-quarter results. Patil is also the most bullish on Google-parent Alphabet Inc. GOOGL, +1.38%, after he boosted his target by 50% to $3,000 from $2,000. For Amazon, Patil’s new target is 30.6% above the average target of the 48 analysts surveyed by FactSet of $3,982.03, and implies a 53.8% gain off Tuesday’s closing price of $3,380.00. “Ultimately, we see [Amazon] as a long-term secular grower whose leadership in its three key markets — e-commerce, cloud and advertising — should emerge even stronger coming out of the pandemic,” Patil wrote in a note to clients. For Alphabet, Patil’s new target is 33.5% above the average target of the 43 analysts surveyed by FactSet of $2,247.44. He said a big acceleration in search and YouTube for Alphabet drove a “nice beat” of fourth-quarter expectations, and expects a recovery in travel “should be a tailwind,” as it represented 10% of search pre-COVID-19. Shares of Amazon rose 1.6% in premarket trading and Alphabet’s stock climbed 7.4%, while futures ES00, +0.36% for the S&P 500 SPX, +1.39% edged up 0.3%.
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