Investing.com - Shares of Amazon.com (NASDAQ:AMZN) topped the $2,000 mark for the first time as the online retailer was in touching distance of the milestone of $1 trillion in market capitalization.
Shares were last at $2,013.50, hovering just under an intraday high of $2,025.57 and within a stone’s throw of the $2,053 per share necessary to pass the $1 trillion mark.
The stock, riding the wave of a bullish note from Morgan Stanley earlier this week, was on track to follow in the steps of Apple (NASDAQ:AAPL), which passed that milestone on Aug. 2.
Morgan Stanley boosted its price target to $2,500 from $1,800 on Wednesday, the highest level out of the 41 analysts who cover Amazon, according to FactSet.
"We have increasing confidence that Amazon's rapidly growing, increasingly large, high margin revenue streams (advertising, AWS, subscriptions) will drive higher profitability and continued upward estimate revisions," analyst Brian Nowak wrote.
Amazon shares are up 65% so far this year vs. the S&P 500's 8% gain. Over the past 12 months, Amazon has gained a whopping 103%, while the S&P 500 has returned 18%.