Amazon shares to reach $3,000 in two years' time, Piper Jaffray predicts
It's only up from here for e-commerce giant Amazon, according to Piper Jaffray.
In a note to clients on Friday, an analyst for the investment bank predicts that shares for the company will rally to $3,000 in the next two years, ballooning the Seattle-based retailer's worth to nearly $1.5 trillion.
And the bonus part for Jeff Bezos? He doesn't have to do anything at all.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMZN | AMAZON.COM INC. | 202.61 | -8.87 | -4.19% |
“We believe AMZN shares will reach $3,000 by sometime between mid-’21 and mid-’22 or within 24-36 months,” Michael Olson, an analyst for Piper wrote in a note, adding that the company believes shares can "reach this level with no major acquisitions or other significant changes to the business.”
Piper rates the stock as overweight and said its 12-month price target for Amazon is $2,225. On Friday, pre-market shares were up on the news.
However, in order to rally to $3,000 over the next 24 months, shares for Amazon would need to see a gain of 65 percent from its current price of $1,815.
Overall, shares for the e-commerce giant are up more than 20 percent this year and more than 85 percent over the last two years.
