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Amazon.com, Inc. (NASDAQ:AMZN) Upgraded By Goldman; Shares Edge Up

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By on Technology & Software

Amazon.com, Inc. (NASDAQ:AMZN) has been upgraded by analysts at Goldman Sachs to a conviction buy from a buy. Price target information was not available. 

Shares of AMZN are up 0.79% to $335.02 in pre-market activity, amid a 52-week frame of $265.00 – $408.06.

Amazon announced its plans yesterday to launch a marketplace for local services later this year, Reuters reports Tuesday, citing several people familiar with the matter. 

It’s a move that could take market share from services such as customer-rating site Yelp Inc (NYSE:YELP) or household services-focused Angie’s List Inc (NASDAQ:ANGI), but could also impact retailers Home Depot (HD) or Lowe’s Cos. (LOW). 

Amazon plans to start in one market to test demand and logistics before rolling it out nationwide, mirroring its approach to its grocery delivery service, Amazon Fresh. Fresh was tested in Seattle for years before expanding to San Francisco and Los Angeles last year, the Reuters article said. 

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