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July 13, 2020, 7:55 a.m. EDT

Amazon, Alphabet stocks rise toward records after Mizuho lifts price targets

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By Tomi Kilgore

Shares of Amazon.com Inc. /zigman2/quotes/210331248/composite AMZN -2.14% surged 1.9% and Alphabet Inc. /zigman2/quotes/202490156/composite GOOGL -1.09% rose 0.9% toward record highs in premarket trading Monday, after Mizuho analyst James Lee raises his price targets, citing the ramp in cloud spending in the financial services, retail and health care industries. Lee raised his target on Amazon's stock by 11% to $3,450 and on Alphabet's stock by 5.8% to $1,650, while keeping his buy ratings on both. "Demand in key verticals such as financial services and retail is accelerating, for the migration to cloud," Lee wrote in a note to clients. "For healthcare, which has been lagging in cloud adoption, we believe it reached an inflection point recently as hospitals are migrating to cloud due to increased demand for telemedicine, CRM and patient database management." Amazon's stock, which has gained in 7 of the past 8 sessions, has soared 47.5% over the past three months through Friday, while Alphabet shares, which have gained in 8 of the past 9 sessions, has run up 27.2%. In comparison, the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.80% has climbed 15.3% the past three months.

/zigman2/quotes/210331248/composite
US : U.S.: Nasdaq
$ 3,080.67
-67.49 -2.14%
Volume: 3.71M
Aug. 11, 2020 4:00p
P/E Ratio
118.41
Dividend Yield
N/A
Market Cap
$1576.88 billion
Rev. per Employee
$359,671
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/zigman2/quotes/202490156/composite
US : U.S.: Nasdaq
$ 1,480.54
-16.28 -1.09%
Volume: 1.55M
Aug. 11, 2020 4:00p
P/E Ratio
33.02
Dividend Yield
N/A
Market Cap
$1017.84 billion
Rev. per Employee
$1.39M
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/zigman2/quotes/210599714/realtime
US : S&P US
3,333.69
-26.78 -0.80%
Volume: 2.90B
Aug. 11, 2020 5:08p
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