Amazon looks to end the week hitting fresh all-time highs

David Paul Morris | Bloomberg | Getty Images

An Amazon.com employee lifts a box from a conveyor at the company's fulfillment center in Tracy, California.

E-commerce giant Amazon was trading Friday morning on pace to finish the week at fresh highs, reaching levels not seen since the stock's initial public offering in 1997.

Shares were hovering around $888 per share, up a little more than 1 percent Friday morning, after Loop Capital initiated a buy rating on the stock, giving it a price target of $1,100 per share.

Amazon's stock was last trading at $889.66 per share and was leading the Nasdaq index into green territory.

"We expect Amazon to continue to be a market-leading online retailer and cloud-based services provider," Loop Capital's Blake Harper wrote in a Friday note to clients. "The company has an effective Prime subscription program to attract and retain members, with the critical goal of increasing consumers' engagement and order frequency..."

Also this week, Amazon announced it will be shutting down its Quidsi unit, the parent company of sites like Diapers.com and Soap.com, after it failed to reach profitability. Instead, the internet retailer said it wants to shift resources to focus on building out AmazonFresh, Amazon's latest venture into grocery vending.

Analyst Harper added in his note that he anticipates Amazon Web Services, or AWS, to be spun off from the company's other business segments in the future, and AWS alone could have a potential value of more than $200 billion, he said.

With Friday's gains, shares of Amazon have climbed more than 18 percent for the year and are up more nearly 50 percent over the past 12 months.

CNBC

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