Amazon.com’s shares rose briefly just above US$1000 (NZ$1411) for the first time on Tuesday, marking a new milestone for a company wooing investors by dominating online commerce and cloud computing.
Amazon hit an intraday high of US$1001.20 in New York before ending the day little changed at US$996.70.
The stock is up almost 40 per cent from a year ago and more than double the 15 per cent gain of the S&P 500 Index in the same period. Investors are thinking about how much further Amazon can grow as it tries to replicate its US success abroad.
The shares will likely push even higher since Amazon is growing so quickly in massive global industries that show no signs of slowing, as shopping habits change and businesses rethink how they deploy technology, said John Blackledge, analyst at Cowen and Company, who recently upped his Amazon price target to US$1125 a share.
“There’s a long runway there,” he said. “The markets Amazon is playing in with global retail and cloud computing are just massive. Things continue to go well and investors are looking for more…