Amazon.com (AMZN) Closing In On Its 52-Week High

Today, Amazon.com (Nasdaq: AMZN) is trading just above $88, nearing its 52-week high of $94.40. Many wrote Amazon.com off several months ago, saying it was overvalued as consumers would tighten their belts, thus hurting AMZN's growth and margins.

Earlier today, Bank of America/Merrill Lynch upgraded Amazon.com from Neutral to Buy with a price target of $103, which is 17% higher than today's price.

Amazon has become the go to place for consumers looking to shop online and because of that B of A believes Amazon will only continue to grow and perhaps take market share.

While over the long-term, there could be competitive margin pressure, the analyst said Amazon’s customer, distribution and technology advantage position the company well.

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