Tags: amazon | stock | price | share | target | wall street

Amazon Gets New High Target Price of $2,750 on Wall Street

Amazon Gets New High Target Price of $2,750 on Wall Street
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Wednesday, 29 May 2019 09:46 AM

Bullish calls on Amazon.com Inc. are getting louder, as Pivotal Research Group analyst Michael Levine began covering the online retail giant with a buy rating and price target of $2,750, the highest on the Street.

Amazon is “a must-own name with huge upside even from here,” Levine wrote in a note, adding that he regards the company as having the highest quality management and franchise within the global Internet sector. Levine sees Amazon’s move to one-day shipping as a “massive strategic step towards total retail dominance.”

Levine’s price target is based on sum-of-the-parts estimates for 2020 and implies 50% upside from Tuesday’s closing price.

Amazon (AMZN) is a Wall Street darling with 51 analysts recommending investors buy the shares, while just one analyst has a hold rating and another has a sell, according to Bloomberg data. On Friday, analysts at Piper Jaffray said that Amazon shares could reach the $3,000 mark in two or three years.

Amazon stock was trading at $1821.69 about early Wednesday.

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Bullish calls on Amazon.com Inc. are getting louder, as Pivotal Research Group analyst Michael Levine began covering the online retail giant with a buy rating and price target of $2,750, the highest on the Street.
amazon, stock, price, share, target, wall street
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2019-46-29
Wednesday, 29 May 2019 09:46 AM
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