Amazon (AMZN) Still a ‘Buy’ After Setting New All-Time-High: Analyst

Colin Muller

Lauded financial analyst Justin Post is continuing to list Amazon (NASDAQ: AMZN) stock as a “buy”, even as the tech behemoth’s stock has already seen a 25% price increase since the onset and spread of COVID-19.

A managing director at Merrill Lynch, Post explained the rationale behind his confidence to Yahoo Finance; he thinks that Amazon has an opportunity to further expand its delivery services to third-party vendors, and perhaps even to vendors not selling through Amazon. He also noted Amazon’s existing expansions, into the retail, advertising, and web-hosting sectors.

As covered yesterday, Amazon’s importance in the post-Corona world has only increased, starting to fill in as a somewhat vital source of supplies to locked-down people in many countries. The company’s CEO, Jeff Bezos – already the richest person in the world – has added about $24 billion to his net worth during the past three months.

Amazon (AMZN) has a market capitalization of well over $1 trillion, and has set a new all-time-high this past month of about $2,400 / share.

Is it still a buy?AMZN chart by TradingView

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