While it wasn’t the first stock to hit a trillion-dollar market cap, Amazon (NASDAQ:AMZN) is having a pretty darn good year, up 62% year-to-date. At current stock price appreciation rates, we will have not one, but two trillion-dollar stocks by the end of 2018, says Monness’ top analyst Brian White.
On August 2, Apple became the first U.S.-traded company to exceed a $1 trillion market cap. With August just halfway finished, and Amazon closing in on a $1 trillion market cap, White believes it is possible 2018 could give birth to its second trillion dollar company.
White opined, “Given the positive fundamental trends at Amazon this year on the back of excellent execution and the strong secular forces that surround the company’s core businesses, combined with the introduction of incremental profit drivers and a stock that is up only modestly since reporting a big 2Q:18 profit beat, we believe Amazon is poised to become the second U.S.-traded company to exceed the coveted $1 trillion market cap milestone.”
As such, White reiterates a Buy rating on Amazon stock, with a price target of $2,300, which represents a potential upside of 21% from where the stock is currently trading.
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, 5-star analyst Brian White has a yearly average return of 18.2% and a 68.5% success rate. White has a 17.1% average return when recommending AMZN, and is ranked #72 out of 4857 analysts.
Net net, the online retail giant now looks like a very compelling investing opportunity, as TipRanks analytics showcasing AMZN as a Strong Buy. With an average price target of $2,103.32, analysts are predicting about 11% upside for the stock from current levels. In total, Amazon stock has received 38 buy ratings vs. just 2 hold rating in the last three months.
As of this writing, shares of Amazon are trading at $1,889.74, down $29.91 or -1.56%.