Shares of Amazon (NASDAQ:AMZN) were in the headlines in late May after analysts over at Piper Jaffray said in a research note that Amazon stock would hit $3,000 in two to three years.
That implies more than 60% upside from current levels, and a market cap of roughly $1.5 trillion for the ecommerce and cloud giant.
Will Amazon stock hit 3000?
Amazon stock (AMZN) was up 1.1% to $1815.48, outstripping an early gain in the S&P 500. Piper Jaffray analyst Michael Olson wrote in a Friday note that “Amazon shares will reach $3,000 by sometime between mid-2021 and mid-2022, or within 24-36 months.”
Is Amazon overvalued 2019?
Fundamentally, Amazon is overvalued with a P/E ratio of 81.12 without offering a dividend, according to Macrotrends. Amazon reported strong earnings on April 25, and the stock responded by setting its 2019 intraday high of $1,964.40 on May 3.
Why is Amazon stock going down so much?
Amazon shares fell as much as 9% in after-hours trading Thursday following its third-quarter earnings report, with the stock recovering to a 1.3% loss by Friday afternoon. The move was in part due to Amazon’s return to investing heavily in its business, which weighed on profitability.
Can Amazon shares keep going up?
Just when you think Amazon.com (NASDAQ:AMZN) shares may have peaked, they keep going. After a 23% gain in 2019, the stock is up 13% so far this year, pushing the online retailer’s market capitalization above $1 trillion. The shares are now trading at a record high.