Shares of Amazon.com Inc. AMZN, -1.78% are up 0.7% in premarket trading Thursday after an analyst at DA Davidson raised his price target on the stock to $1,800, a new high among Wall Street analysts tracking the stock, according to FactSet. The firm's previous price target was $1,500. Analyst Tom Forte predicts that Amazon had a strong holiday quarter, growing revenue by 38.4%, to $60.5 billion. That's above the FactSet consensus and at the high end of the company's own forecast. Forte also sees an "iterative transformation" going on at Whole Foods, which Amazon acquired last year. He expects the company to seek out more ways to leverage this physical-store infrastructure to merge online and offline shopping. Amazon shares are up 62% over the past 12 months, while the S&P 500 SPX, -1.11% is up 23%.