Amazon.com, Inc. Gets Monster $1200 Target As Tech Stocks PlummetAuthor: Paul SheaLast Updated: March 12, 2020 Amazon.com, Inc. investors will have mixed feelings on Thursday’s market. Technology stocks, including the Seattle, Washington headquartered firm, were down in a broad sell-off. At the same time, however, the firm got a new massive price target from Canaccord Genuity.Michael Graham, an analyst for the Wall Street firm, says that there is still “ample room” for growth at Amazon.com, Inc.. He set his twelve month price target at $1200. That is an increase from the $1150 he had on Amazon stock previously.Traders weren’t buying his reasoning on Thursday, however. At time of writing Amazon stock was trading at $954.78, down 2.2 percent from Wednesday’s close. Boosting Amazon.com Inc. stock targetsMichael Graham made the comments in a report that was broadly positive on all of the FANG stocks. That group is made up of large cap tech concerns that still have room to grow. It includes Facebook Inc , Amazon.com, Inc. , Netflix Inc. and Alphabet Inc. .Graham says that the “four key FANG drivers: digital advertising, digital video viewing, eCommerce, and cloud services,” still give those stocks plenty of room to run. His view was shared on Thursday by Anthony DiClemente of research firm Instinet. He set his price target on Amazon stock at $1100. That’s up from $975 in his previous report.He wrote “We think that optimism for Alexa/AI, the large advertising opportunity, and video growth initiatives have provided investors increased confidence in Amazon’s long-term addressable market opportunities, this as the company continues to flex its muscles in its core ecommerce businesses.”Amazon stock suffers in tech stock crushPrice targets are nice, but investors want to see real gains in their portfolios. On Thursday those gains were tough to find, and some on Wall Street reckon the problem could continue for some time.Odeon Capital’s Jahanara Nissar reckons that the current tech problems could well go on for while. In her view investors are not willing to buy into growth stories at current prices. She doesn’t know what direction the market is heading in but she doesn’t think its time to take risks.“Tech looks very dangerous here and the right move (so far) is to take profits in tech and move to the sidelines for no,” she wrote in her report.It’s going to be up to each trader to decide which story they believe. Do the individual drivers of Amazon.com, Inc. stock beat out the wider trend? Will a sell-off in tech drive growth seekers off of the market?Amazon stock has been highly correlated with the other major tech growers in recent years, but it’s not clear that the linkage is permanent. The lack of solid earnings from Jeff Bezos’ firm has long been a concern. That could mean more downside than other firms in the market if investors are trying to “catch a falling FANG.”On the other hand, as today’s reports suggest, there are fundamental reasons to think Amazon stock has room to grow. The firm’s cloud and e-commerce businesses are leading their sectors, and Bezos may even have a phone-shaped surprise on the way in the near future.