Shares of Amazon.com, Inc.(NASDAQ:AMZN) gained more than 1% following a report the company intends to launch an Amazon smartphone in the second half of 2014.
The Wall Street Journal said the giant online retailer has been showing the phone in recent weeks to developers in San Francisco and Seattle, and intends to start shipping the device in September, according to unnamed sources.
According to the Journal’s sources, the Amazon smartphone would use retina-tracking technology to make some images appear to be 3-D, similar to a hologram. Meanwhile, the Financial Post reported Apple (AAPL) wants to raise the price tag on its iPhone 6, due later this year. A Jefferies analyst said Apple is talking to carriers about a $100 price hike for the device.
AMZN may also be getting a boost from a separate media report that said Amazon had sold out of its new Fire TV product within a few days of its April 2 launch. Re/code said new supplies of Fire TV would be available quickly.
In afternoon trade, AMZN was up 1.30% to $315.77.
Analysts have a consensus price target of $415 on Amazon.com, Inc. (NASDAQ:AMZN) which indicates a 31% upside. The consensus rating of the stock is a BUY with a score of 2.73. There are currently 6 Hold Ratings, 24 Buy ratings, 1 Strong Buy ration and 2 Sell ratings on the stock.
The most recent analyst action consisted of S&P Equity Research Reiterating their Sell rating on the stock on April 4th, 2013.
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