SAN FRANCISCO (MarketWatch) --
Amazon.com was upgraded to an outperform, or buy, rating at Pacific Crest on Friday morning. In a note to clients, analyst Chad Bartley called the company "the biggest beneficiary of the shift of retail online, which is being accelerated by mobile commerce, where the company is a leader." He set a $346 price target on the stock -- about 28% above its current level -- noting that growth in "mobile ecosystems" is likely to be driven by "low-end devices and integrated services," in reference to the company's Kindle business. "Amazon is well positioned to capitalize on these trends, and its scale and selection, low prices and service, and fulfillment capabilities set up the company for more share gains at an accelerating pace, which would drive upside to our model," he wrote. Amazon shares were last trading up a fraction at $271.68. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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