Amazon hits $2,000 per share for first time

“Amazon stock hit $2,000 per share for the first time just after market open Thursday,” as CNBC is reporting. “Shares rose as high as $2,009.67 before paring gains slightly. The stock wavered around its open price for the first several minutes of trading.

“It’s a major milestone in the stock’s climb to match Apple’s $1 trillion market valuation. At $2,000, the stock would need to gain just $50 per share in order to reach the 13-digit market cap.

“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.

“Amazon shares have been on a tear this year, surging 70.9 percent through Wednesday’s close. They have also more than doubled over the past 12 months.”

The rest of the article is here.

Author: jeffpelline

Jeff Pelline is a veteran editor and award-winning journalist - in print and online. He is publisher of Sierra FoodWineArt magazine and its website SierraCulture.com. Jeff covered business and technology for The San Francisco Chronicle for 12 years, and he was a founding editor and Editor of CNET News for eight years, among other positions. Jeff has a bachelor's degree from UC Berkeley and a master's from Northwestern University. His hobbies include sailing, swimming, and trout fishing in the Sierra. View all posts by jeffpelline