(Bloomberg) — Bullish calls on Amazon.com Inc. are getting louder, as Pivotal Research Group analyst Michael Levine began covering the online retail giant with a buy rating and 12-month price target of $2,750, the highest on the Street.
Amazon is “a must-own name with huge upside even from here,” Levine wrote in a note, adding that he regards the company as having the highest quality management and franchise within the global Internet sector. Levine sees Amazon’s move to one-day shipping as a “massive strategic step towards total retail dominance.”
Levine’s price target is based on sum-of-the-parts estimates for 2020 and implies 50% upside from Tuesday’s closing price.
Amazon is a Wall Street darling with 51 analysts recommending investors buy the shares, while just one analyst has a hold rating and another has a sell, according to Bloomberg data. On Friday, analysts at Piper Jaffray said that Amazon shares could reach the $3,000 mark in two or three years.
–With assistance from Gaurav Panchal.
To contact the reporter on this story: Kit Rees in London at [email protected]
To contact the editors responsible for this story: Celeste Perri at [email protected], Beth Mellor
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