Amazon To Pop Another 10% With ‘Long Runway’ Ahead In Apparel, Says Wells Fargo
Amazon accounted for 30 percent of all growth in retail in the fourth quarter, but that doesn’t mean the e-commerce giant is running out of room to make even more sales, according to a Wells Fargo survey. About 85 percent of respondents in the survey were Amazon users, and 82 percent noted that Amazon is a top five shopping destination, Wells Fargo analyst Ken Sena wrote on Wednesday. “Despite this, 76 percent of Amazon-users use the site for less than 40 percent of their shopping (leaving much more room for increased purchase from existing users).” The analyst increased his price target on shares of Amazon to $1,755 from $1,700, implying 10 percent upside from Wednesday’s closing price. Shares of Amazon slipped 0.3 percent Thursday. Read more at CNBC.
