How much higher can Amazon.com (Nasdaq: AMZN) climb? A lot higher, according to Donaldson, Lufkin & Jenrette, which raised its rating on Amazon.com to “top pick” from “buy,” and set a price target of $280 for the stock. DLJ is bullish about the growth of Amazon.com’s new auction site.
Shares of Amazon.com soared 22-3/4 to 190 on robust volume of nearly 16 million shares on Friday. The stock is now less than 10 points away from an all-time high.