On Friday, Amazon.com, Inc. (NASDAQ:AMZN) hosted an Amazon Web Services (AWS) Summit in New York City, where keynote speaker Amazon CTO Dr. Werner Vogels praised the company’s leading cloud computing-savvy, which now boasts over one million active customers. Dr. Vogels also commends AWS for outclassing its peers in start-up, enterprise and public sector customers, with the company boasting an immense and well-integrated ecosystem.

From the AWS Summit, Merrill Lynch top analyst Justin Post left with several key takeaways. Subsequently, Post reiterates a Buy rating on shares of AMZN with a $860 price target, which represents an 11% increase from where the shares last closed.

For Post, the most impactful takeaway comes with the introduction of new developer focused tools for AWS. The analyst highlights highly requested app Application Load Balancer (ALB) to provide developers better control over traffic sent within the system. Amazon will now have usage plans for Application Programming Interfacing (API) gateways to give developers control over which customers can have access to the plan. Third, Amazon is bringing to the table IPv6 endpoints for S3 for storage and improved snowball database migration load API. Fourth, the analyst points to Key Management Service (KMS) import keys, which Post considers an “incremental feature,” enabling developers the power to import keys already used on pre-stem to the cloud.

Also crucial to note, Post acknowledges, “AWS has not made any major price cuts to storage, computer or database over the past 12 months, which suggests to us a level of competitive stability in the cloud infrastructure industry. At industry events, Amazon continues to highlight the overall cost savings and scalability of all-in migration to the cloud.”

As Amazon continues its successful domain, available now in 13 regions, including 35 availability zones, with recent launches in South Korea and India, Post believes he has every reason to remain bullish.

According to TipRanks, which measures analysts’ and bloggers’ success rate based on how their calls perform, top five-star analyst Justin Post has earned a high ranking of #15 out of 4,120 analysts. Post upholds a solid 76% success rate and yields 20.0% in his annual returns. When recommending AMZN, Post realizes 28.3% in average profits on the stock.

TipRanks analytics show AMZN as a Strong Buy. Based on 34 analysts polled in the last 3 months by TipRanks, 32 rate Buy on Amazon, while 2 maintain a Hold. The consensus price target stands at $880.47, marking a nearly 14% upside from where the stock is currently trading.

Recommended Article: Morgan Stanley Sings The Praises Of Amazon Following AWS Summit