As per the Market Watch reports yesterday, Amazon shares surged past the $2000 milestone for the first time. 31 out of 47 analysts surveyed their price target to be above the level projecting the e-commerce giant’s market capitalization to be $1 trillion if the Amazon stock rises to at least $2,050.27.
The stock AMZN, +0.03% ran up to an all time intraday high of $2,025.57 as much as 1.4% earlier in the session, slightly to be up 0.3% in an afternoon trade. Amazon would become the second company after Apple Inc. AAPL, +0.21% to top $1 trillion in market cap if the stock rises to at least $2,050.27. Apple became the first-ever $1 trillion U.S. company on Aug 2 this year.
Source: Market Watch
In a research note by Analyst Greg Melich at MoffettNathanson, Melich highlights the potential growth for the Amazon’s Cloud business. He mentioned that despite the growing competition from other technology-sector heavyweights like Microsoft Corp and Google’s Alphabet Inc, AWS will gain market share and expand profitability.
Melich says, “We are often asked, is Amazon a retailer, a tech company, or a budding media juggernaut? The answer is all of the above. Amazon’s retail business remains $1,200 of value in the sum-of-the-parts valuation of the stock price, while AWS accounts for about $900.”
Read the full coverage on the Market Watch blog.
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