Amazon.com (AMZN) PT Raised to 'Street High' $3,550 at Citi; Shares of eCommerice Seeing Rising to 43% by 2022

(Updated - July 10, 2020 9:31 AM EDT)

(updated to add analyst comments)

Citi analyst Jason Bazinet raised the price target on Amazon.com (NASDAQ: AMZN) to a 'Street High' $3,550.00 (from $2,700.00) while maintaining a Buy rating.

The analyst notes, based on updated eMarketer forecasts, 2022 total US retail sales are expected to be only 1% above 2019 levels. However, ecommerce is expected to increase 43%, while traditional retail is expected to decline 4%. Within the US, ecommerce accounted for 11.0% of 2019 retail sales and is expected to grow to 15.5% by 2022.

Bazinet estimates Amazon’s share of the US ecommerce market increased from 28% in 2015 to 38% in 2019, and expect it to reach 43% by 2022. Looking at total retail sales, they estimate Amazon’s share was 2% in 2015, 4% in 2019, and expect it to reach nearly 7% by 2022.

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