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Amazon gets new Street high price target

Published 09/27/2017, 09:49 AM
© Reuters. Amazon gets new Street high price target
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  • Wells Fargo (NYSE:WFC) Securities raises its Amazon (NASDAQ:AMZN) price target to a new Street high of $1,400.
  • Analyst Ken Sena sees Amazon as one of the best-positioned companies to apply AI across new and multiple verticals.
  • "We see this lead in data, coupled with the company's edge in compute efficiency, as increasingly feeding insights into supply chain, for its retail, video, and other efforts, and through AWS, for its partners," writes Sena.
  • Sena cites revenue potential in the cloud computing market that’s expected to exceed $200B by 2020. Amazon holds a 46% market share with AWS. Apparel, groceries, and OTC medications offer another potential $130B market.
  • Amazon shares are up 1.12% to $949.08.
  • Previously: YouTube goes dark on Echo Show (Sept. 27)
  • Now read: Amazon: Even More Serious About Video And Content Strategy

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