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Shares of Amazon.com rose to their highest price ever as the online retailer revealed plans to acquire Souq.com, a kindred business and the largest online retailer in the Middle East.

Amazon’s stock closed at $856, an increase of just over 1 percent from an opening price of $851.10, and the highest share price for the company this year, as well as since it began trading in 1997.

The company revealed the planned acquisition of Dubai-based Souq for an undisclosed sum early in the day.

Moody’s retail analyst Charlie O’Shea said the deal is seen as a “credit positive” for the Amazon, adding that the purchase amount and related risk is likely on the low end.

“The acquisition provides Amazon with what we believe to be an inexpensive and low-risk ‘beachhead’ in the lucrative Middle Eastern market, which is under-penetrated by online retail,” O’Shea added.

While Tuesday’s numbers represent a new market high for Amazon, the e-commerce giant’s stock has been rising steadily all year, despite 2016 revenue and this year’s outlook falling short of Wall Street’s expectations.

Rob Sanderson, a managing director with financial firm MKM Partners, said Amazon’s near-continuous stock climb has a lot to do with the ongoing woes of traditional retailers, which cite an accelerated move by consumers to e-commerce as at least partially to blame for widespread brick-and-mortar consolidation.

“We think [Amazon’s stock] reflects a challenging environment for traditional retailers and money flow from consumer retail as conclusions of fundamental analysts increasingly point them toward Amazon,” Sanderson said in a research note.

He added that MKM sees Amazon as “the best long-term growth story available to investors” given its double digit sales growth, especially when compared with the fourth-quarter results from a majority of the largest retailers, which were “very disappointing.”

MKM also expects shares of Amazon to keep rising in the immediate future, and set the 12-month price target for the company’s stock at $995.

Amazon is currently working to move beyond the realm of mere e-retailer, with plans to grow its private label apparel and branch out into physical bookstores and employee-less grocery stores. Its payment platform also nearly doubled in users last year.  

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