Amazon.com Up 3% As Morgan Stanley Sees Habits Changing (AMZN)

Amazon.com, Inc. AMZN shares are skyrocketing higher, gaining more than 3% today after a price target raise at Morgan Stanley, saying investors aren't giving full credit to the online shopping shift. Morgan Stanley analyst Scott Devitt raised his price target to $225 from $205. “We believe the market is underestimating the positive share shift from specialty retail to Amazon,” Devitt. “We believe specialty retailers will experience accelerated erosion of market share to Amazon,” he wrote. “As investors gain clarity on the sources for Amazon's sales growth, they will better understand the length of the runway and overall story.” Devitt has a $290 "bull case," which he believes is starting to play out. At last check, shares were up $6.01 to $180.63, a gain of 3.44%.