Sky is the Limit for Amazon.com (AMZN)

Amazon.com (NASDAQ:AMZN) is becoming the eWal-Mart of the web and thanks to two upgrades today, the analysts believe shares still have another 23% to gain in the next 12 months.

Today Kaufman Bros. raised its price target on Amazon.com (AMZN) shares to to $155 and Piper Jaffray did the same selecting $172 as the magic value.  Keep in mind Amazon shares have already increased 171% in 2009.

Here are the analyst comments Via WSJ.com -- We are increasing our [fourth-quarter] estimates due to our checks and data points which suggest [fourth quarter] strength for Amazon and continued market share gains. Additionally, we are now modeling in Zappos results [the acquisition closed Nov. 2] which we estimate will add approximately $160 million in revenues in [the fourth quarter] and $830 million in 2010 which represents mid-teens growth,” wrote Kaufman Bros. analysts in a note published Tuesday. Kaufman analysts boosted their price target for Amazon to $155 from $120. (That priced target is based on a 32 multiple on estimates of Amazon’s 2011 pro forma earnings per share.)

Piper Jaffray analysts also boosted their price target on Amazon to $172 from $163, based on a multiple of 40 on estimated 2011 pro forma earnings per share. They also raised their fourth-quarter earnings estimate for Amazon by 2%, citing data points that “lead us to believe Amazon will report meaningful upside to the street’s 33% [year-on-year] December quarter revenue growth estimate, which we believe will move the stock higher.”