(Reuters) – There is no stopping Amazon.com’s revenue growth (AMZN.O), Wall Street analysts said on Friday.
FILE PHOTO: The logo of Amazon is seen at the company logistics centre in Boves, France, August 8, 2018. REUTERS/Pascal Rossignol/File Photo
The e-commerce giant re-entered the $1 trillion club after its results crushed expectations, benefiting from investments in faster shipping and a surge in Prime membership.
Nearly half of the 51 brokerages covering Amazon raised their 12-month price targets on the company’s stock, which was up 9% at $2,036 in early trading.
In a note titled “Not-so-subtle Reminder Amazon is Still King”, Benchmark analysts said Amazon reminded the world of its “size and capacity advantage,” and raised his price target by $150 to $2,400.
Net sales jumped 21% to $87.4 billion, with sales from AWS – the business responsible for selling data storage and computing power in the cloud – growing 34%. Revenue from subscription fees surged 32% as more…
Source Reuters Tech News