Report sends Amazon’s stock price surges

Amazon’s upward trajectory is not going to stop anytime soon — and it’s not going unnoticed on Wall Street.



In fact, one firm Needham & Co., is so bullish on Amazon’s performance that it upgraded the company’s stock to buy from hold, and initiated a price target of $1,100 per share — a move that pushed shares of Amazon to close over 1% at $907.04 per share on Monday, April 10, according to CNBC.



In the report, Needham analyst Kerry Rice wrote in a note to investors, “We believe Amazon's established dominance in U.S. is sustainable with Prime, mobile penetration and third-party growth. Further, Amazon Web Services will continue to be a ‘key driver’ for the e-commerce giant to grow its profits.”



And momentum shows no sign of slowing. Rice anticipates Amazon will grow its U.S. market share by 16% within five years, making the company a majority player in retail, according to the report.



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