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.
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