JPMorgan Chase (NYSE: JPM) has upped its price target for Amazon (NASAQ: AMZN) shares to more than 30% of its current trading value. 

According to a report by Business Insider, JPMorgan updated its price target for the e-commerce giant from $2,525 to $3,000. The new bullish outlook is close to 31% higher than current share prices, causing a modest gain of 1.3% in the first trading hours after it was announced. 

JPMorgan’s updated projection now sees it match Goldman Sachs and Susquehanna as the biggest “Amazon bulls” on Wall Street, with all three firms holding a price target of $3000 for AMZN shares. 

amazon share prices may 5 2020Source: Google

JPMorgan analysts, led by Doug Anmuth, wrote in a note on Friday, 

We are encouraged that AMZN has opened up again to 3P non-essential items, & we believe consumers may be a bit more comfortable purchasing discretionary items now than in March, despite high overall unemployment.

The bank’s update follows on the heels of last week’s quarterly earnings report by Amazon, which fell short of Wall Street predictions. Share prices subsequently fell 9% , in part due to Amazon CEO Jeff Bezo’s $4 billion plan to combat COVID-19, potentially costing the company all of its current quarter profits. 

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