Business Corpus: Amazon Stock Clears 2,000 Threshold, Gets Closer To $1 Trillion ClubAmazon.com stock cleared the lofty threshold of 2,000 a share, the fourth day in a row of the e-commerce juggernaut hitting new highs. Amazon stock hit a new intraday record of 2,025.57 during afternoon trading on the stock market today. The post Amazon Stock Clears 2,000 Threshold, Gets Closer To $1 Trillion Club appeared first on Investor's Business Daily.

[Collection]

Shares of Amazon.com (AMZN) cleared the lofty threshold of 2,000 a share Tuesday, and the e-commerce juggernaut hit new highs for the fourth straight day.

Amazon stock hit a new intraday record of 2,025.57 during afternoon trading on the stock market today. Shares ended the regular session up up 0.2% to 2,002.38. Amazon stock is up about 71% this year.

On Wednesday, Wall Street broker Morgan Stanley bestowed high praise on the company. Morgan Stanley analyst Brian Nowak raised his price target on Amazon stock to 2,500 from 1,850. If reached, that pushes Amazon's valuation well past the $1 trillion mark. Its current market cap now stands around $981 billion. Apple was the first company to break through the $1 trillion market-cap level, on Aug. 2.

"We have increasing confidence that Amazon's rapidly growing, increasingly large, high-margin revenue streams will drive higher profitability and continued upward estimate revisions," Nowak wrote in a note to clients. He specifically referenced Amazon Web Services, its growing advertising business and its subscription business from Amazon Prime.

Amazon is on the IBD Leaderboard list of top-performing companies with an IBD Composite Rating of 99, the highest possible.

Price-Target Hikes For Amazon Stock

Amazon received several price-target hikes following its second-quarter earnings report in which the company blew past profit views. For the second quarter, Amazon reported earnings of $5.07 a share, double what analysts predicted.

The company's strong profitability outplayed any concern that revenue missed estimates, as did its third-quarter outlook. Revenue rose 39% to $52.9 billion. Wall Street was expecting $53.4 billion.

YOU MIGHT ALSO LIKE:

Google-Parent Alphabet Gets Price-Target Hike On Waymo Prospects

Apple Is Worth $1 Trillion, But Is It Worth Buying Now?

S&P 500, Nasdaq Pile On Records As These 4 Top Stocks Hit Buy Points

The post Amazon Stock Clears 2,000 Threshold, Gets Closer To $1 Trillion Club appeared first on Investor's Business Daily.