[January 18, 2013] Amazon at new all-time high for 2nd time this week Tweet (Associated Press Via Acquire Media NewsEdge) NEW YORK -- Shares of Amazon hit a fresh all-time high for the second time this week as an analyst called the online retailer a "must-own" stock as shopping increasingly shifts to the internet. Pacific Crest's Chad Bartley said that online shopping is picking up thanks in large part to mobile devices. The analyst said he believes that Amazon is well positioned to take advantage of this changing consumer behavior, thanks partly to its low prices, product selection and service. "We believe Amazon is extending its lead over traditional offline retailers and e-commerce competitors," Bartley wrote. He said he believes that the company should be able to achieve at least 25 percent revenue growth annually over the next three years, but that there are several opportunities for even more growth than that. The analyst lifted Amazon.com Inc.'s rating to "Outperform" from "Sector Perform." Its price target is set at $346. Amazon's stock gained 28 cents to $270.76 in Friday afternoon trading. The shares reached $274.50 earlier in the session, a new all-time high. That tops the high of $274.26 that the stock hit on Monday. (c) 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. [ Back To TMCnet.com's Homepage ]