UPDATE: Deutsche Bank Raises PT on Amazon.com to $246

Deutsche Bank is out with its report today on Amazon.com AMZN, raising its PT from $214 to $246. In a note to clients, Deutsche Bank writes, "We reiterate our BUY investment rating on shares of Amazon.com and raise our PT from $214 to $246. In our view, Amazon has amassed marketplaces of products and services that collectively have built a strong growth story built on consumer trust, low pricing, efficient delivery execution and selection. While N/T investment continues, we think Amazon continues to lay the groundwork for L/T growth in e-commerce, digital content and cloud computing." At the time of posting, shares of AMZN were trading pre-market at $228.00, up 6.45% from Tuesday's close.