Categories LATEST, Technology

Morgan Stanley just predicted the next trillion dollar company!

In an investor note on Wednesday, rating firm Morgan Stanley predicted the company it expects to hit the 13-digit market cap after Apple (AAPL). No surprises here – it’s Amazon (AMZN). Reiterating its overweight rating, Morgan Stanley raised the price target on the stock to $2,500 from $1,850, which would value the e-commerce giant at over $1.2 trillion.

With the latest rating announcement, Morgan Stanley has become Amazon’s biggest bull.

second trillion dollar company

According to analyst Brian Nowak, Amazon’s lucrative cloud service and rapid growth in advertising are expected to drive the company’s top-line further. He estimates profits from these two to hit about $25 billion this year and as much as $45 billion in the next two years.

Amazon shares were up 1.5% to 1,963.62 at 10:30 AM ET on Wednesday. The stock has rallied 65% so far this year, while the S&P 500 index is up just 8%.

In a separate note, the rating firm also raised the price target of Google parent Alphabet (GOOGL) to $1,515.

Also see: Why $1 trillion is just a pit stop for Apple

On August 2 this year at around 12 PM, Apple became the first trillion dollar US company, riding on a post-earnings rally, putting an end to months of speculations.

PetroChina, China’s second largest oil producer, is the first public company to breach the trillion dollar figure. The company touched the mark in November 2007 on Shanghai Stock Exchange, and in the following four months, tumbled to half its value.

Most Popular

What to look for when CVS Health (CVS) reports Q3 earnings

Healthcare company CVS Health Corporation (NYSE: CVS) is all set to report earnings next week, with Wall Street expecting a mixed outcome. The company has been facing challenges in certain

eBay (EBAY): A few factors that helped drive growth in Q3 2024

Shares of eBay Inc. (NASDAQ: EBAY) stayed green on Friday. The stock has gained 32% year-to-date. The ecommerce leader delivered revenue and earnings growth for the third quarter of 2024,

CVX Earnings: Chevron reports lower revenue and profit for Q3 2024

Energy exploration company Chevron Corporation (NYSE: CVX) on Friday announced third-quarter 2024 financial results, reporting a decline in net profit and revenues. Net income attributable to Chevron Corporation dropped to

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top