(Bloomberg) – Amazon.com Inc. rebounded on Monday, with the action spreading a deeper recent advance into record territory and surpassing $ 3,000 for the first time.
The shares rose as much as 4.8% to touch $ 3,030.30, and were on track for their fourth consecutive daily gain. The stock is up more than 12% in the four-day period and up approximately 80% from the March low, resulting in a market capitalization of $ 1.5 trillion.
Amazon has seen accelerated demand for its e-commerce and cloud computing services during the pandemic, which has shuttered brick and mortar rivals and led more people to work remotely. Many analysts on Wall Street expect these trends to outpace the pandemic, solidify the company’s market share, and fuel recent progress.
Despite growing optimism, Amazon’s concentration has left most Wall Street analysts in the dust. Less than a quarter of the 50 analysts more or less followed by Bloomberg have a target above $ 3,000, and the average target is approximately $ 2,810. While that’s above the $ 2,179 average at the end of 2019, it still carries a disadvantage of about 7% of current levels.
According to an analysis of Bloomberg data, the degree to which the stock price exceeds the average target is at a multi-year high.
Amazon remains a favorite consensus on Wall Street. Only one company tracked by Bloomberg recommends selling the shares, compared to the 52 that advocate buying them. Four companies have the equivalent of a retention rating.
Amazon is expected to report its second-quarter results later this month.
(Add context on recent earnings and analyst pricing targets)
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