Amazon (NASDAQ: AMZN) stock didn't have the most auspicious start in 2024, but investors seemed to be coming back to the e-commerce giant on Monday.

An investment bank launched coverage of the stock with a positive analyst note. This was reinforced by a media report highlighting the generally very bullish prognosticator view of the company. As a result, Amazon beat the S 500 index today with a nearly 3% price gain.

Before market open, BMO Capital's Brian Pitz initiated coverage of Amazon Monday with an outperform (buy) recommendation at a price target of $200 per share. That's not only 34% above the shares' current level, if met it would represent Amazon's all-time high price, adjusted for a series of stock splits.

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Source Fool.com