The shares of the internet giant hit all-time high ($3000 per share) at 11am Eastern Time. Amazon has now a market cap of $1.52 Trillion, raising CEO Jeff Bezos’ net worth to more than $172 billion. Amazon is already up 65% year to date, with even more upside potential. Canaccord Genuity, SunTrust and Deutsche Bank all have a BUY rating with a price target of $3300 per share. If you want to jump in, note that the RSI (relative strength index) is over 80, meaning it is quite overbought.
Amazon reports Q2 earning on July 23rd after market hours (still to be confirmed). Estimated earnings for Q2 is ~$1.34 earnings per share with an average estimated revenue of $80.64 Billion. A run to $3,500 would represent a more than 21% increase from Amazon’s Thursday closing level.
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