Amazon Shares Hit $1,000 Thanks to Its E-Commerce and Cloud Dominance
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Amazon.com Inc.’s shares topped $1,000 for the first time this morning, marking a new milestone for a company wooing investors by dominating online commerce and cloud computing.
Amazon shares hit $1,001.20 in New York Tuesday, up about 40% from a year ago and more than double the 15% gain of the S&P 500 Index in the same period. Investors are thinking about how much further Amazon can grow as it tries to replicate its U.S. success abroad.
The shares will likely push even higher since Amazon is growing so quickly in massive global industries that show no signs of slowing, as shopping habits change and businesses rethink how they deploy technology, said John Blackledge, analyst at Cowen and Company LLC, who recently upped his Amazon price target to $1,125 a share.
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