The most popular and best-performing Wall Street’s online retail colossal, Amazon for the first time reached to $2000. On Thursday, the records showed the possibility of Amazon’s stock to get along with the U.S. only company, Apple with $1 trillion market value.
The transient rush in the share price of Amazon comes as the U.S. dominant technology stocks that lead the equity market higher along with Nasdaq composite and S&P’s 500.
The market value of Amazon has reached to $988 billion with its peak value of $2,025.57 this Thursday, which makes it almost closer to Apple. The company Apple has crossed the market value barrier of $1 trillion this month, making itself the U.S. first company in that race.
The analyst at Morgan Stanley, Brian Nowak said that the key reason behind the success of Amazon is its mixing up of business, which results in rapid growth. Amazon has 50 percent of the total market with prominent shares in other sectors such as Amazon web services, groceries, and healthcare units.
While a lecturer at Babson College in Massachusetts, Peter Cohen said it is more likely that the stock would hit $4000 next year and claims ‘’Bezos is the world’s best CEO”, where Jeff Bezos is the Amazon’s CEO.
The Amazon’s average target is around $2,141.50 per share, which makes about 7 percent, among the Wall Street analysts.
The current scenario shows that the time is not very far when Amazon would crack the barrier of $1 trillion market value. In the April-June quarter, Amazon recorded sales of $52.9 billion with $2.5 billion worth profit. Now, the company is expecting the count to $57.5 billion in third-quarter, which would equate the annual growth to 23-31 percent. Due to its growth at such a fast pace, it is likely to hit the target soon.