Amazon shares are faltering this month along with many of its large cap technology company peers. But the pullback is a buying opportunity, according to one Wall Street firm.
Wells Fargo Securities began coverage of Amazon with an outperform rating on its shares and a price target of $1,400, which is 49 percent above Tuesday’s closing price. It is also the highest target out of the 42 analysts who cover Amazon, according to FactSet.
Wells’ analyst predicts the internet giant will be able to use artificial intelligence and data analysis to dominate new industries.