Amazon (NASDAQ: AMZN) shares rose 5% on Monday as Morgan Stanley named the online retailer and cloud computing provider its Top Pick. The investment bank also raised its price target as a wider tech rebound lifted chipmakers and the Nasdaq.

The stock closed the US session at $262.49, up $12.49 from $250.00 on Friday and its highest close since the 28th of August. Shares were already 2.1% above Friday’s close at the open, at $255.25. Amazon led the Dow’s gainers over the session.

Morgan Stanley kept its Overweight rating on Amazon and raised its price target to $350 from $335. The bank, which also named Amazon a Top Pick, pointed to catalysts including AWS, Amazon’s cloud arm, a path toward $1 trillion of…