Shares of Amazon.com (NASDAQ:AMZN) jumped again on Tuesday, hitting a new all-time high. The stock was up about 5.3% as of 1:50 p.m. EDT.
Shares of the e-commerce and cloud-computing giant were rising amid a sharp jump in the overall market. But optimistic analyst commentary about the growth stock might have helped, too.
Highlighting bullishness in the overall market on Tuesday, the S&P 500 was up more than 3% at the time of this writing. A significant portion of Amazon stock's gain, therefore, was likely because of this continued rebound in the overall market.
Meanwhile, Bank of America analyst Justin Post reiterated a 12-month $2,480 price target for the stock, noting that the company's announcement on Monday that it would hire an additional 75,000 employees (on top of the 100,000 workers it added in March) will likely drive enough incremental sales to offset the cost of these new employees. In addition, the analyst says there has been a "massive shift" toward online ordering as consumers are sheltering at home.
With earnings season underway, investors will get a timely update on Amazon's business soon to see for themselves how well the company is faring during this coronavirus pandemic. The company typically reports its first-quarter results toward the end of April.