In a development which could propel the tech giant towards the $1 trillion market cap, shares in Amazon have crossed the $2,000 per share mark for the first time today.
Amazon shares climbed as much as 0.6 per cent to $2,009.64 today, lifting its market value to $975.8bn. Reports also suggest that Amazon shares have risen 600 per cent over the past five years.
The development comes just hours after analysts from Morgan Stanley said they expected Amazon shares to be valued at $2,500 in 12 months amid “rapidly growing, increasingly large, high margin revenue streams (advertising, AWS, subscriptions) will drive higher profitability and continued upward estimate revisions”.
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