Goldman sees 28% upside potential in Amazon and ties for Street-high price target on 'accelerating e-commerce growth'
has already gained $561 billion in market value year-to-date, and if Goldman Sachs and Jefferies are right, expect that number to continue to grow.
According to Goldman, Amazon is poised to benefit from "accelerating ecommerce growth" amid the COVID-19 pandemic. Data from Mastercard shows ecommerce has grown 93% year-over-year in May, and weekly data from Facteus shows consumer spending on Amazon's platform has been up more than 60% year-over-year since the end of April.
Goldman added that its updated revenue growth estimates "may prove too low," suggesting that there can be even more upside from Goldman's Monday price target boost.
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