Amazon value tops $1tn as results beat expectations

Bloomberg

Amazon.com Inc’s valuation briefly topped $1 trillion after its results beat expectations, with analysts applauding the popularity of the e-commerce giant’s one-day shipping initiative and the performance of its cloud-computing business.
Shares surged as much as 9.9% in their biggest intraday gain since 2017 before paring back gains to trade below the $1 trillion threshold. The stock hit a record high after reporting what Robert W Baird & Co analysts called an “impressive quarter from top to bottom.”
Goldman Sachs analysts pointed out that it was the first time the company beat the upper end of its revenue
guidance since the first quarter of 2018.
The results sparked a rush on Wall Street to raise price targets for the stock, with RBC Capital Markets analysts giving it a new Street-high target of $2,700, implying 44% upside from last week’s close. The average target currently sits at $2,417, compared with under $2,200 a week ago.
Had it closed above $1 trillion, Amazon would have joined Apple Inc, Microsoft Corp and Google-parent Alphabet Inc on an exclusive list of US tech companies to have reached that valuation.