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Amazon (AMZN) stock price is doing quite well in regards to the current U.S. economic state and analysts foresee the stock price hitting $5,000 in 2023.
Amazon Inc., an American multinational e-commerce and tech company, has been trending for all the right reasons. First, by checking all the indicators like its operating income, net income, total assets, total equity and also the number of employees, they have all been on the rise for the past few years. Secondly, the stock market price has been rising since the company released its annual report, and also for the past 10 years making them hit the all-time highs.
With the US economy expanding at a historical rate, Amazon will be one of the biggest beneficiaries and make it the biggest trading company in the world. Since 2009, the Amazon stock market price has been on the rise where they have gained almost 3,500%.
At the time of writing, the stock market price was trading at $2,134 slightly above $2,000, the last year’s strong resistance zone. With the long term plan showing all rise, analysts are foreseeing the stocks trading at $5,000 by 2023.
If the stock reaches that level, it will see the company value rise to $2.5 trillion hence making Jeff Bezos not only a trillionaire but also making Amazon the most valuable publicly-traded company all over the world.
Is $5,000 Level for Amazon (AMZN) Stock in 2023 Just a Dream?
Amazon currently commands over 38% of the U.S. e-commerce market, and feasibility for future improvement is still open. The company’s e-commerce operations alone had a net sale of $245.5 billion and the rest of the total $280.5 billion came in through the Amazon web services (AWS).
Just by picking these two aspects, you can see that the company has a big room for improvement to catalyze the stock to hit $5,000 in the near future. With the Amazon cloud operation growing rapidly, it will be another driving factor to push the stock price even higher.
In 2019, Amazon web services represented a growth of about 12.5% compared to 11% in 2018. Although a huge competition in the cloud business, AWS is showing the tenacity to fight for its dominance in the international market.
The company has not been severely affected by the coronavirus outbreak which has seen most multinational companies like Tesla, Google and also Apple reduce its international operations. Since the company is most inclined to the technology and service delivery where the world is evolving towards, the company is expected to compete highly with the competitors in the future.