Amazon.com Inc.'s stock price target was raised to $1,840 from $1,750 at MKM Partners, which said it sees the e-commerce and cloud services giant as "the best long-term growth story" of all mega-capitalization stocks. The stock slipped 0.6% in premarket trade. Analyst Rob Sanderson's new price target, which is 14% above Friday's closing price of $1,610.15, would give Amazon a market cap of $892.8 billion. "[Amazon] continues to become the storefront and logistics infrastructure for a meaningful portion of the retail industry," Sanderson wrote in a note to clients. He said, however, that Amazon is not a top "near-term" pick, given the exceptional recent stock performance. The stock has shot up 6.1% since Amazon reported first-quarter results after the April 26 close, and has run up 61.7% over the past 12 months, compared with the S&P 500's 2.0% gain since April 26 and 12.7% rally over the past 12 months.