Amazon.com price target raised to $3,903 from $3,860 at Piper Sandler

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Piper Sandler analyst Thomas Champion raised the firm’s price target on Amazon.com to $3,903 from $3,860 and reiterates an Overweight rating on the shares.

The company’s Q3 results were “extremely strong” and beat estimates across the board, Champion tells investors in a research note. Unit growth moderated sequentially but still came in up 46% year-over-year, says the analyst.

He believes the pandemic still driving elevated demand, higher Prime member engagement, and events like Prime Day and Holiday Dash, Amazon’s Q4 “sets up for extraordinary results.

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