Just two weeks after smashing its first quarter earnings expectations, Amazon AMZN is climbing again. Shares of the e-commerce giant hit an all-time high Tuesday morning, touching above $699 on even more positive news. Much of Amazon’s momentum today can be attributed to a massive price upgrade from analysts at Bernstein. The firm upped its target for Amazon shares from $770 to a shocking $1,000, calling current estimates “shockingly low.” "Amazon does not trade anywhere near what we think it is worth on a fundamental basis," Bernstein said in a note. Bernstein, which now holds the highest price target for Amazon, cited the company’s strong first quarter. Amazon’s margins have continued to grow as it continues to expand its cloud business; revenues from the cloud-based Amazon Web Services division grew 64% from the first quarter last year. We are also seeing news directly out of Amazon today, as the company launched its new “Amazon Video Direct” service. The new video platform is ad-supported, mirrors the offerings of YouTube, and should intensify the competition between Amazon and tech-rival Alphabet Inc. GOOGL. Amazon Video Direct allows account holders to upload original and licensed videos and then choose whether their videos are free to everyone, available to rent or purchase, offered via subscription, or behind a Prime-based paywall. (Also Read: The Complete Guide To Everything Owned By Amazon) Amazon has been ramping up its video streaming offerings over the past couple of years, especially with its Prime Video service, a library-based online streamer that competes with the likes of Netflix NFLX and HBO Now. Just last month, Amazon started offering Prime Video via a monthly subscription rather than a yearly Prime subscription. Investors should look at Amazon Video Direct as yet another way for Amazon to funnel in new customers. While it will likely never catch up to YouTube, the service could convince interested users to subscribe to Prime and become lifelong Amazon customers. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report AMAZON.COM INC (AMZN): Free Stock Analysis Report NETFLIX INC (NFLX): Free Stock Analysis Report ALPHABET INC-A (GOOGL): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research