Shares of Growth Seeker holding Amazon were higher Thursday after Argus upgraded its rating on the stock to Buy from Hold. The firm also set a $935 price target on the shares. Analysts with Argus believe the company is currently growing and expanding margins faster than the stock price reflects. They also said Amazon is using its Prime membership service to solidify its online retail dominance, while Amazon Web Services owns well more than half of the Infrastructure as a Service market. The Argus analyst team added that Amazon shares should be accumulated for a long-term position and be added to on weakness.
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