Amazon shares continue to soar after strong holiday shopping season

183 Inc. (AMZN) kept its dominance in the online shopping market during the 2017 holiday season despite intense competition from rivals including Wal-Mart Stores Inc. (WMT), Target Corp. (TGT), and Best Buy Co. (BBY).

Earnest Research conducted an analysis and reported that Amazon grabbed 89 percent of online spending in the five-week period, which started on Thanksgiving. The New York-based research firm calculates overall spending for every vendor based on anonymous customer transactions.

Separately, Citi Research reaffirmed its “Buy” rating for Amazon stock and forecasted strong growth for the company. Analyst Mark May stated in a research note that “Amazon moves up a spot to become our top-ranked pick as we see the combination of >30% topline growth, margin expansion, and 20x ’19 FCF as a compelling mix.” He also lifted his price target for AMZN from $1,250 per share to $1,400 per share.

May expects Amazon to increase its operating profit margin to about 10 percent in the next three years amid growth in its advertising and web services units. The company’s operating profit margin is currently 6 percent. In a detailed note to clients, May also said that continued expansion is expected in newer categories this year.

Share of e-commerce giant Amazon hit a new 52-week high of $1,229.14 in the last trading session and the market cap of the company reached $592.29 billion.