E-commerce behemoth Amazon AMZN is burning hot lately with shares trading above $3,000 for the first time this week. The stock has gained 63% so far this year and nearly doubled from their mid-March lows. In fact, Amazon is on the forefront of surging interest in online shopping caused by the COVID-19 pandemic.
The company has been largely benefiting from investors’ shift to its online store, cloud computing services, digital media offerings and more amid the pandemic. The trend is likely to continue into the post-pandemic era according to many analysts. Amazon is expected to see a slew of price-target upgrades in the near future and could leap as high as $3,500 over the next 12 months (read: Q2 Earnings Likely To Plunge: Invest in These Sector ETFs).
Additionally, most analysts have raised expectations for second-quarter results as the COVID-19 retail shutdown continues to drive accelerated consumer adoption of online