Wells Fargo & Co. (WFC) has raised its price target for Amazon.com, Inc. (AMZN) shares to $1,525 from $1,430, according to CNBC. This new price target represents a more than 30% gain from Monday's close, Google Finance data shows. (For more, see also: Why Amazon's Stock Is Poised to Reach New Records.) 

"We are increasing our Amazon price target … on higher outer-year AWS [Amazon Web Services] estimates and a higher SOTP [sum of the parts] value," Ken Sena, a managing director for Wells Fargo Securities, wrote in a recent note to clients, according to CNBC.

'Numerous Announcements'

He referenced "numerous announcements at this week's AWS re:Invent Conference, particularly around AI / ML where AWS appears to be strengthening their position within the market," CNBC reported. 

Amazon's shares have climbed more than 50% this year through Monday, outperforming the Standard & Poor's 500 Index, which has climbed roughly 17% year-to-date, additional Google Finance data shows. 

Improving Sentiment

While Sena offered the highest price target of the 41 analysts polled by CNBC, several other analysts increased their price targets in the days leading up to his revision, CNBC reported. D.A. Davidson, for example, increased its target from $1,300 to $1,500 in late November, according to a separate CNBC article. (For more, see also: If You Had Invested Right After Amazon's IPO.)

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