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

Thermo Fisher Scientific (TMO) Q4 earnings drop despite higher revenues

Thermo Fisher Scientific Inc. (NYSE: TMO) announced fourth-quarter 2022 financial results, reporting a double-digit fall in adjusted earnings and an increase in revenues. Fourth-quarter revenues increased 7% annually to $11.5

Altria Group (MO) Q4 2022 Earnings: Key financials and quarterly highlights

Altria Group Inc. (NYSE: MO) reported fourth quarter 2022 earnings results today. Net revenues decreased 2.3% year-over-year to $6.1 billion. Net earnings attributable to Altria increased 65.6% to $2.6 billion

AMD Earnings: Advanced Micro Devices Q4 revenue up 16%, profit drops

Semiconductor company Advanced Micro Devices, Inc. (NASDAQ: AMD) reported a decline in fourth-quarter earnings, despite an increase in revenues. Earnings, excluding special items, dropped to $0.69 per share in the

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