Shares of Amazon.com (AMZN) jumped 8.6% thanks to an upgrade at Bank of America-Merrill Lynch. The stock was raised to a Buy from Neutral and the analyst wrote, “Based on our updated market forecasts…we believe potential e-commerce acceleration is underestimated more in Amazon’s estimates than in other e-commerce stocks.”
The online bookseller is also getting a big boost from the release of Dan Brown’s The Lost Symbol. The book actually holds the top two spots on Amazon’s bestseller list. The Kindle version is #1 and the hardcover version is #2.
I have Amazon.com rated as a Buy and it’s currently a member of my Blue Chip Growth portfolio.