JPMorgan analyst Doug Anmuth raised the firm’s price target on Amazon.com to $3,000 from $2,525 and keeps an Overweight rating on the shares. The stock in premarket trading is down 5%, or $119.11, to $2,354.50. The company last night reported “strong” Q1 revenue and Q2 outlook as third-party and non-essentials should pick up, Anmuth tells investors in a research note. The analyst says he’s willing to look beyond the higher COVID-19 related expense in Q2 as they will ease going forward. Amazon is perhaps the only company that can service customers this well with scale and effectiveness during the crisis, contends Anmuth.
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