Amazon’s stock rose to its highest level in more than two months on Friday after a research group forecast the online retailer’s North American retail operation will outperform Wall Street estimates.
According to Reuters, Amazon’s stock rose 4% to $108, its highest level since February 3, giving the Seattle-based business a market capitalization of $1.1 trillion.
YipitData data suggests that Amazon’s March-quarter North American net sales would exceed analysts’ forecasts and that April sales will be ahead of Wall Street’s second-quarter consensus, the research firm told Reuters.
In a research note issued on Friday, JPMorgan analyst Dough Anmuth stated that he expected e-commerce would outperform traditional stores by expanding into groceries, appliances, and other categories.
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Ariel Ben Solomon is the Growth and Strategy manager at Ecomhunt. He is the host of the Ecomhunt Podcast. Can be followed on Twitter at @ArielBenSolomon