Shares of Amazon.com Inc. AMZN, -4.12% rose 1.2% in premarket trade Monday, after Oppenheimer analyst Jason Helfstein raised his price target to $2,085 from $1,975, while reiterating its outperform rating, citing increased optimism over the e-commerce giant's cloud business (AWS). That leaves just five analysts of the 44 surveyed by FactSet with sub-$2,000 price targets on Amazon, while 100% of them have ratings the equivalent of buy. The stock closed Friday 11% below the $2,000 level. "We think AWS is well positioned as AI leads productivity improvements, forcing faster enterprise cloud adoption," Helfstein wrote in a note to clients. He said the benefit of this is twofold for Amazon, as most businesses will gain access to AI through their cloud platform, and AI applications and services are high-margin recurring revenues that will help "lock in" enterprise providers. He said, however, that with each new AWS "vertical," customers, regulators and investors will question if Amazon should spin off AWS. "We believe his is possible when [Amazon] matures its advertising and video businesses," Helfstein wrote. The stock has run up 23.0% over the past 12 months, while the Dow Jones Industrial Average DJIA, -1.92% has gained 7.6%.