Amazon shares hit an all-time high when it closed at $804.70 on Thursday and is continuing this impressive rally at market open on Friday. RBC Capital Markets, BMO, JPMorgan Chase, Cantor Fitzgerald have issued “buy” ratings for the world’s fourth largest company.
Amazon.com Inc. (NASDAQ:AMZN) shares hit an all-time high when it closed at $804.70 on Thursday and is continuing this impressive rally at market open on Friday.
The electronic commerce and cloud computing giant had a significant surge on Thursday, after it announced the expansion of Handmade at Amazon to its consumers in Germany, France, Italy, Spain, the United Kingdom and across Europe. Handmade features genuinely artisan items crafted and sold directly from Europe. Handmade at Amazon was launched in the US in 2015.
Amazon certainly has analysts rallying for them as well. RBC Capital Markets reiterated their “outperform” rating in a research note issued on September 22. RBC has an $800.00 target price on Amazon, indicating a potential upside of 2.76 percent from the stock’s current price.
BMO upped its price target to $900 from $875, citing strength in the company’s Prime service. Argus Research upgraded the stock to “buy” from “hold,” citing that the firm’s growth prospects are increasing at a faster pace than the share price.
In a research note sent out on July 12th, JPMorgan Chase gave the stock a “buy” rating and set a $908.00 price target. On July 5th, Cantor Fitzgerald reissued a “buy” rating with an $800.00 price objective in its research note.
Bloomberg suggests that Amazon may become the S&P 500 Index’s second stock to cross the $1,000 mark.
Amazon’s market cap sits at over $380 billion, and is now the fourth largest company in the world, following Apple, Alphabet, and Microsoft.
Amazon opened at $803.13 on Friday, September 23.
Don’t forget to follow us @INN_Technology for real-time news updates!
Securities disclaimer Securities Disclosure: I, Pia Rivera, hold no direct investment interest in any company mentioned in this article.