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Amazon.com, Inc. (AMZN) - free report >>
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Amazon.com, Inc. (AMZN) - free report >>
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Will Amazon (AMZN) Reach $1,100 Per Share? Analyst Upgrade
Shares of Amazon (AMZN - Free Report) gained 1.35% on Monday afternoon after the e-commerce giant received a ratings upgrade and a favorable price target from a key analyst.
Needham & Company, LLC, a nationally recognized investment bank and asset management firm, upgraded their rating on Amazon to a “Buy” from a “Hold.” Needham’s ratings change is based off of Amazon’s growth prospects in the U.S. and markets abroad.
"We believe Amazon's established dominance in U.S. is sustainable with Prime, mobile penetration and third-party growth," said Needham analyst Kerry Rice.
Needham’s price target for the stock is $1,100 per share. Amazon is trading at $906.95 as of Monday afternoon. The firm’s upside projection is backed by the above mentioned growth drivers, as well as Amazon Web Services (AWS).
Based on gross merchandise volume, Needham calculates Amazon’s 2016 e-commerce market share in America to be 34%. Rice mentioned eBay (EBAY - Free Report) to be Amazon’s greatest competitor, and they hold just 7.7% of market share, with Walmart at just 5% (WMT - Free Report) .
There are 46 buy ratings and 3 hold ratings for Amazon’s stock. Clearly Amazon has the opportunity to continually grow at an incredible rate. With innovations in the businesses of groceries, books, web services, and delivery, it seems as if there is no stopping the e-commerce giant.
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