Amazon Stock to See Longest Win Streak in 3.5 Years

BusinessAmazon Stock to See Longest Win Streak in 3.5 Years

Amazon Stock to See Longest Win Streak in 3.5 Years

The e-commerce giant’s shares recently burst past another record and taking further along their winning streak. FactSet surveyed Wall Street 48 analysts, eleven of which have price targets of at least $1,400 and four say at least $1,500.

“Maniacal Focus on the Customer”

Analyst Youssef Squali of SunTrust Robinson Humphrey was among those surveyed. Though he’d previously set a price target of $1,270, he recently raised it to $1,400 when Amazon filed its fiscal third quarter results near the close of October.

At that time, he addressed his clients in a note saying: ““We find management’s maniacal focus on the customer (by focusing on selection/price/convenience) and its leveraging of technology innovation to disrupt commerce, entertainment and IT services, to be strong differentiators and sustainable competitive advantages.

Such a focus has and should continue to enable the company to grow disproportionately faster than peers, gain market share in several segments of the global economy and sustain above-peers valuation multiples for years to come, in our view.”

Among the analysts surveyed, Ken Sena from Wells Fargo set the highest target at $1,525, said the FactSet report. That figure is 17 percent higher than current levels. Sena called Amazon one of his “top picks” in the online category.

Nine Consecutive Gain Sessions

Amazon’s stock has seen nine consecutive sessions of gains, not yet having declined once this year. It also achieved the first-ever close higher than $1,300. Its current winning streak now holds the title of being the longest one since its July 12, 2013 streak of ten consecutive sessions of gains.

The latest win streak of nine consecutive gains has also included eight straight record highs. Moreover, Amazon’s market capitalization rose by around $65.4 billion, bringing it to $628.9 billion at the time this article was written. This brings the company to the status of the fourth most valuable in the S&P index.

It is certainly welcome news for Jeff Bezos, Amazon founder and chief exec, who also happens to be the richest person in the world, and the only individual with a 12-digit worth, according to data from the Bloomberg Billionaires Index.