Amazon soared to above $2,020 per share for the first time on Thursday marking an epic milestone for the company.
Amazon appears to be on its way to one day reach the $1 trillion market space in which Apple currently dominates exclusively.
Amazon’s record high comes a day after the stock gained 3.2 percent, sparked by a bullish call by Morgan Stanley. Analysts at the bank raised their 12-month price target on Amazon to $2,500 from $1,850. The new target price — the highest on Wall Street — implies a 25.1 percent upside from Wednesday’s close.
“We have increasing confidence that Amazon’s rapidly growing, increasingly large, high margin revenue streams (advertising, AWS, subscriptions) will drive higher profitability and continued upward estimate revisions,” analyst Brian Nowak said in a note to clients Wednesday.
Will Amazon break into the trillion dollar market space where Apple currently lies?
Will @Amazon break into the trillion dollar market space where Apple currently lies?
— Intellihub (@intellihubnews) August 30, 2018
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