Amazon.com price target raised to $3,300 from $2,750 at Baird

Baird analyst Colin Sebastian raised the firm's price target on Amazon.com to $3,300 from $2,750 and keeps an Outperform rating on the shares. The analyst again increased revenue and operating income estimates above consensus following updated e-commerce checks through June, as well as "positive Amazon-specific data." Amazon has largely stabilized logistics operations, third parties are generally back on track, and the company has gained share in multiple "essentials" product categories, Sebastian tells investors in a research note. Further, the analyst believes investors may not yet fully embed either the margin benefits of cheaper new user acquisition or the sustainability of higher growth in the second half of 2020 and beyond.