Amazon Could Skyrocket 83% by 2023, Analyst Says
If a new analysis of Amazon.com (NASDAQ: AMZN) proves accurate, the already-popular retail stock is poised to nearly double very soon. Brian Nowak, an analyst at ever-influential investment bank Morgan Stanley, issued a research note Monday in which he said that in a best-case scenario, the stock could hit $6,000 per share in 2023. That's a whopping 83% above the present level.
Nowak bases his argument on the price/earnings to growth (PEG) rates of other top retailers and consumer goods staples companies, many of which hover around 3. In his words, "Bull Case Closer to Retailers/[consumer goods] Staples Implies [around] $5,000-$6,000 Share Price: AMZN currently trades at [around] 1.2 [times] '22 on a PEG basis, a [roughly] 30% discount to its median tech peer group."
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Source Fool.com
