Analysts now project Amazon to top $1 trillion in market cap, ahead of Apple
Wall Street analysts rushed to raise their stock price targets on Amazon.com Inc. after the e-commerce giant reported blowout second-quarter results, and now project the company to be the first to crack the $1 trillion market-capitalization mark. The average price target of the 48 analysts surveyed by FactSet increased to $2,076.83, up from $1,892.66 at the end of June. With 487.74 million shares outstanding, that would peg Amazon’s market cap at $1.01 trillion. The average price target for Apple Inc. is $201.79, which would represent a market cap of $991.87 billion, based on 4.915 billion shares outstanding as of April 20. Apple’s share count will be updated after it reports results on July 31, and is likely to be lower than the April 20 total because of share buybacks, which would lower the market-cap outlook. Amazon’s stock surged 4.3% in premarket trade after the company reported results after Thursday’s close. It has run up 15.0% over the past three months through Thursday, while Apple shares have rallied 19.7% and the Dow Jones Industrial Average has gained 5.0%.