Amazon shares got a skyrocketing price target hike from Goldman Sachs, on the e-commerce giant’s prospects during COVID-19 pandemic.
Analysts at Goldman Sachs raised its share-price target +12% to $2,900, the highest on Wall Street. Goldman re-affirmed its buy rating.
This comes close on the heels of Jefferies setting a Wall Street high, with a target of $2,800.
During the coronavirus pandemic, consumers are relying more on online shopping, while companies are using Amazon’s cloud services to allow operations with workers at home – something that Goldman analysts have taken into consideration in setting their price target.
"The market continues to underestimate the long-term value" of Amazon, Goldman analyst Heath Terry wrote in a report.